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user655075
New Member

How many years can I use a business loss carryover

 
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CathiM
New Member

How many years can I use a business loss carryover

You can carry forward any remaining NOL (Net Operating Loss) from the previous year for up to 20 years after the original NOL year.

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2 Replies
CathiM
New Member

How many years can I use a business loss carryover

You can carry forward any remaining NOL (Net Operating Loss) from the previous year for up to 20 years after the original NOL year.

kim8
New Member

How many years can I use a business loss carryover

In the year of 2018 as an artist with an LLC I spend more money on my artwork than I took in. This was in the thousands of dollars with zero profit. The new "Standard" deduction for all income was greater than what I had spent so that is how taxes for 2018 were calculated. It is safe to say that I have thousands of dollars in inventory solely based on the COG. I have three questions then . . . #1. is that technically considered a NOL (net operating loss)? . . . #2. Under the new law can that be carried forward? . . . #3. If it can not be carried forward and in the future I sell these thousands of dollars of artwork am I not allowed any kind of deduction for the expenses (cog) I've already laid out to make them?
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