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

2802

Level 15

Jun 3, 2019 12:46:34 PM

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:

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