Carryover

[Fatcat113]

The business closed in Sept 2021.  There was a carryover amount.  How do I claim this.  I have rental property that is still active. Can I still get the carryover amount or do I just need to eat it?

thanks

[tagteam]

What type of carryover?

Carryovers from rental real estate are typically passive loss carryovers However, if this was from your business, did you have an NOL carryover?

[Fatcat113]

NOL? sorry what does that mean?  my 8829 said I had a carryover to apply to 2022, but because the business is closed, I don't know how to claim it.

[Fatcat113]

Sorry it was the business that we closed that the carryover, not the rental.  I still have the rental and not sure if the carryover loss from the business can be used toward rental income.  Not sure what NOL is, sorry.  All was at risk in the business, which is why we had to close it.

[tagteam]

NOL = net operating loss (which you would have if your business expenses exceeded your income).

I'll page @Mike9241 for the 8829 issue.

[Fatcat113]

thank you and yes the business had the net loss

[Critter-3]

If the business closed in 2021 then you should have indicated that and the form 8829 would have also been "closed" ... no 8829 carryover can be claimed in the future years until you either open a business again or sell the home.