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Bblue
February 25, 2025
Question

Qualified business loss carry forward

  • February 25, 2025
  • 1 reply
  • 0 views

If I no longer own or operate the business which generated the loss, can I still claim it on my taxes for 2024?  I stopped operating and owning the business in 2023.

    1 reply

    T
    ThomasM125
    February 25, 2025

    No, the qualified business income (QBI) loss carryover would only used to reduce QBI income in futures years. Since you won't have that anymore, it is no longer used for anything. It wasn't a deduction from taxable income anyways, it just reduced the QBI deduction amount by reducing QBI income on which the deduction was calculated.

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