Use NOL or QBI for MTM with TTS loss carryover?

Forum|Forum|3 years ago
October 11, 2022
1 reply
10 views

Has been MTM with TTS for about 20 years, trading securities for one self only is the only business as of 2020.

Say in 2021, form 4797 Part II, there is a loss. When filing for 2022, do one use NOL or QBI to carryover the loss from 2021?

TurboTax Home & Biz Windows

Anonymous_

Level 15

@Mike9241

Critter-3

Level 15

You are mixing up 2 separate tax issues that are not interchangeable. The NOL and QBI could be used in the same tax return if they both apply. If you have these 2 items and don't know what to do with them then I highly recommend you seek out local professional guidance.

JoeSchmoe1Author

Level 2

I spoke with a CPA about my situation last year, he only mentioned NOL and what the new rules are starting 2021, he did not bring up anything about QBI, which I only found out about QBI recently and is confusing for me. I know trading very well, but accounting, hmm, learn as I go.