topic I had a business loss on line 31 of "Profit or Loss From Business" schedule C in 2017. Can I use this entire amount as a Net Operating Loss on my 2018 return? in Business & farm

I had a business loss on line 31 of "Profit or Loss From Business" schedule C in 2017. Can I use this entire amount as a Net Operating Loss on my 2018 return?

fltaxquest — Tue, 04 Jun 2019 20:36:29 GMT

If I can use line 31 amount as NOL, what should I enter in "Explanation of Net Operating Loss Carryover"? Would I just enter "Loss from line 31 of 2017 schedule C"?

No the fact that line 31 on Schedule C shows a loss does...

Leonard — Tue, 04 Jun 2019 20:36:31 GMT

No the fact that line 31 on Schedule C shows a loss does not necessarily mean that you have a Net Operating Loss.

If you have a negative amount on line 10 of Form 1040, you may have an NOL. If the amount on that line is positive, the taxpayer does not have an NOL.

To calculate an NOL in TurboTax search for NOL and click Jump to NOL in the results box.