qualified business (loss) carryforward

Forum|Forum|11 months ago
April 10, 2025
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will a qualified business (loss) continue to carry forward if my business closes for 1 year and I have no other schedule C income for that year, but start another business in a future year?

Not A Product Question

ThomasM125

Yes, it will carry over even if you don't have business activity in one or more years. However, the qualified business income (QBI) deduction is scheduled to terminate after 2025 and if so, the loss carryover will terminate as well. Also, the QBI loss carryover is used to reduce QBI for purposes of calculating the QBI deduction. It is not a reduction from income to arrive at taxable income. So, a loss of the deduction would not impact your taxable business income, only your QBI deduction from adjusted gross income.

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