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Mark D
Mark D, Enrolled Agent
Category: Tax
Satisfied Customers: 1249
Experience:  MBA, EA, Specializing in Business and Individual Tax Returns and Issues
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Deduction Carry Forward

Resolved Question:

If I have more deductions than I need to use this year, how do I carry them forward to next year? Do I just not report them this year, or do I report them on my 1040 and re-report them next year or is there another way?
I have medical expenses, mortgage interest, property tax, and interest paid out on investments. Are there any special rules that apply to any of these? How long can the deduction by carried forward?
Submitted: 8 years ago.
Category: Tax
Expert:  Mark D replied 8 years ago.

Itemized deductions not used in the year they are reported do not carry forward or back. Unfortunately, they pretty much become lost deductions.


Mark D

Customer: replied 8 years ago.

Then what types of deductions can be carried forward on a personal return? I know I have read articles at one time or another about carrying deductions forward. Does that not apply to personal returns?

Expert:  Mark D replied 8 years ago.

You are probably referring to Net Operating Losses (NOL) and Capital Losses. These looses are carried back if not elected to be carried forward on a personal return. Itemized Schedule A deductions do not affect these numbers.


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