How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Ed Johnson Your Own Question
Ed Johnson
Ed Johnson, Tax Preparer
Category: Tax
Satisfied Customers: 10760
Experience:  GPHR Cert; U.S. Treasury Tax Advocacy Panel appointee
586644
Type Your Tax Question Here...
Ed Johnson is online now
A new question is answered every 9 seconds

If my personal exemptions and itemized deductions exceed my

Resolved Question:

If my personal exemptions and itemized deductions exceed my taxes can this "loss" be carried forward or backward?
Submitted: 8 years ago.
Category: Tax
Expert:  Ed Johnson replied 8 years ago.

Dear Kmack,

 

Thank you for your question.

 

Unfortunately that is not the case. Itemized deductions and personal exemptions do not produce a net operating loss.

 

Only losses from business income and investments can be carried over.

 

business and rental income can produce a net operating loss, and investments can produce short term and long term losses which are carried forward.

Ed Johnson and 2 other Tax Specialists are ready to help you