topic In 2018 I claimed a business loss on schedule C. 1. Can I pay back the loss in 2019? 2. Would this be considered an operating expense (which would reduce the profit)? in Business & farm

In 2018 I claimed a business loss on schedule C. 1. Can I pay back the loss in 2019? 2. Would this be considered an operating expense (which would reduce the profit)?

dmks_hammill — Sun, 07 Jul 2019 16:01:51 GMT

Re: In 2018 I claimed a business loss on schedule C. 1. Can I pay back the loss in 2019?2. Would this be considered an operating expense (which would reduce the profit)?

VolvoGirl — Sun, 07 Jul 2019 16:10:46 GMT

Pay back? A Net Loss on Schedule C is income - expenses. You get to deduct the net loss from your other income so you got the benefit of it. You can't use it in 2019. You can't shift it to the next year.

Re: In 2018 I claimed a business loss on schedule C. 1. Can I pay back the loss in 2019?2. Would this be considered an operating expense (which would reduce the profit)?

pk — Mon, 08 Jul 2019 03:25:28 GMT

NOL ( Net Operating Loss) can be carried back one year and carried forward . That is the amount of loss more than the allowed $3000 for the current year can be carried back first and then carried forward. Once TurboTax recognizes that you have recognized the allowable NOL, the rest would be suspended ( you get to choose if you want to go back or just go forward ) and will be shown on federal carryover worksheet. So not to worry