Number of years able to carry over a loss on 1040?


D

DJW

My girl friend has a small business and is the sole proprietor. She
has an accountant do her taxes so I am not sure how they are prepared.
Is there a limit as to how many years she can carry over a loss on her
1040?
 
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P

Paul Thomas, CPA

DJW said:
My girl friend has a small business and is the sole proprietor.
She has an accountant do her taxes so I am not sure how
they are prepared. Is there a limit as to how many years
she can carry over a loss on her 1040?



She can report a loss from her business activity for as many years as she
has losses.


NOL's - Net Operating Losses - can be carried forward for 20 years in
general.
 

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