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New Member
posted Jun 4, 2019 5:03:37 PM

How many years can I use a business loss carryover

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New Member
Jun 4, 2019 5:03:38 PM

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

2 Replies
New Member
Jun 4, 2019 5:03:38 PM

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

New Member
Jun 4, 2019 5:03:40 PM

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?