Can I carry a business loss on line 12 2018 tax return over to my 2019 tax return?

Forum|Forum|7 years ago
July 18, 2019
3 replies
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TurboTax Self Employed Online

lasbanas1

Level 4

Google search for publication 536.....you could have an nol and the pub will help you figure it.

Critter

Level 15

NO. But is you have an overall net operating loss that can be carried forward ... look at line 10 of the form 1040 ... is that a negative amount ?

rjs

Level 15

Under the new tax law, for 2018 through 2025, the maximum business loss that you can claim in one year is $250,000 ($500,000 for married filing jointly) . If your loss exceeds that limitation, the excess is carried over to the following year. The first $250,000 or $500,000 of business loss must be claimed in the year that the loss occurred. TurboTax does not support the business loss limitation.

An excess business loss is separate from a net operating loss, but in the following year the carryover of an excess business loss is treated the same as a net operating loss carryover.