F8995 has a loss/carry forward but I didn't have my business anymore in 2024. Can I just remove the form?

Forum|Forum|1 year ago
February 6, 2025
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I don't have any K-1s or 1099s. I didn't do any work for the business in 2024. What is the best option?

KrisD15

Did you have any dividends invested in a REIT? That counts.

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wallace-joannAuthor

I did not. No 1099s at all this year- DIV, INT, or NEC. Thank you for helping with my questions!

KeshaH

This loss will be carried forward until you have qualified business income that you can offset with the loss. For example, if you decide to open another business that generates income and is eligible for the qualified business income deduction, you can use this carryover loss to reduce your tax. You'd need to track the carry forward using Form 8995, so you should leave the form on your return.