Can TurboTax Live Assistance answer specific questions about how to enter OID when bonds are bought below par and help with carrying forward business losses to 1040 SR?
The business was closed last year, but I understand losses can still be carried forward.
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1 Replies
VictoriaD75
Expert Alumni
Mar 26, 2025 11:47:25 AM
Yes. Per the IRS, OID losses are treated as capital losses. Capital losses are limited to $3,000 per year against ordinary income. Any unused loss can be carried forward and will be tracked within the software.