close
Share with your friends

KPMG report: Excess business loss limitation under section 461(I)

Excess business loss limitation under section 461(I)

The 2017 tax law reshaped the track for taxpayers racing toward the loss deduction finish line.

1000

Related content

The 2017 U.S. tax law (often referred to as the “Tax Cuts and Jobs Act”) replaced a somewhat obscure and limited provision that disallowed “excess farm losses” with a much broader (but similarly worded) provision that disallows “excess business losses” for tax years beginning after December 31, 2017, and before January 1, 2026. Non-corporate taxpayers—such as individuals, trusts, and estates—may be significantly (and adversely) affected by the loss limitation contained in new section 461(l).

Read a June 2019 report [PDF 313 KB] prepared by KPMG LLP: What’s News in Tax: Excess Business Losses—One More Hurdle to Clear

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us

 

Want to do business with KPMG?

 

loading image Request for proposal