Question

I have a carryover QBI loss from a rental I sold 2 years ago and have no plans for future rentals or business. Can I skip filing Form 8995 and forfeit my loss?

Forum|Forum|4 years ago
March 25, 2022
2 replies
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TurboTax Online

Yes. You can choose to forgo the carryover of your QBI loss and skip filing Form 8995. This means that in the future if you have qualified business income however, the QBI income, should you have any, must be reduced by this QBI loss before applying the deduction. You always have three years to amend your tax return should you change your mind. The IRS guidance is limited on this topic which was created by the Tax Cuts and Jobs Act (TCJA) enacted for tax years 2018-2025.

Keep this information with your tax records should you need it in the future.

@michaelap1

[Edited: 03/25/2022 | 12:45p PST]

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M

michaelap1Author

Thank you for your answer which I believe to be correct due to my own research. However , TurboTax would not let me delete the form. I decided to continue to include it with my return. Thanks again for your reply.

L

Lamont7k

I don't know what going on with my refund