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yaoyuanhe
New Member

If I have loss as self-employed, can I carry over to the future years and how many years I can carry forward? Thanks.

 
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If I have loss as self-employed, can I carry over to the future years and how many years I can carry forward? Thanks.

A loss can be carried back if it is a (NOL) Net Operating Loss (which is more than just a loss on a Sch C).

So for example if you have other income on the return, and the loss is not more than the Sch C loss, you have no NOL. 

So first determine if you have a NOL.

Then it gets carried back three years (unless an election is made not to carry it back), and then it is carried forward until used up.

This is a complex area and suggest you look at following links:

https://www.irs.gov/publications/p536/ar02.html

Here is a prior answer on this topic that may be helpful.

https://ttlc.intuit.com/replies/4896446

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