topic Can I carry a business loss on line 12 2018 tax return over to my 2019 tax return? in Get your taxes done using TurboTax

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

gardinia1 — Thu, 18 Jul 2019 00:09:58 GMT

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

lasbanas1 — Thu, 18 Jul 2019 01:14:55 GMT

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

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

Critter — Thu, 18 Jul 2019 01:17:26 GMT

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 ?

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

rjs — Thu, 18 Jul 2019 01:34:49 GMT

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.