Can business losses be carried over from previous years?
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Can business losses be carried over from previous years?

 
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Can business losses be carried over from previous years?

Yes, your losses can be carried forward from a previous year.

In order to carry forward a NOL, you would have to have filed a statement waiving the carryback period on your original return or on an amended return within 6 months of the due date of the return (excluding extensions). So, your 2015 tax return must include a statement that you are waiving the carryback period.  

When you carry forward your NOL to a tax year after the NOL year, you will list your NOL deduction as a negative figure on the “Other income” line of Form 1040. You must attach a statement that shows all the important facts about the NOL. Your statement should include a computation showing how you figured the NOL deduction. If you deduct more than one NOL in the same year, your statement must cover each of them.

If you have a net operating loss to enter from a prior year,  select the "business" tab, then “I’ll choose what I work on.”  On the “let’s gather your business info” screen, scroll down to “less common business situations.” And select “business deductions & credits.” The “net operating loss” topic is in this section.  You will be asked to enter your calculated net operating loss from 2015 and  how you determined your NOL amount. Note that the NOL amount should be entered as a positive number.
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