Have a Tax Question? Ask a Tax Expert
Thank you for giving me the opportunity to assist you. I will give the best answer that I can with the information provided.
Unfortunately you received the correct information. Income averaging has not been available to ordinary taxpayers for years. It is allowed in very limited circumstances, such as the farming and fishing.
Although you are paying a hefty tax burden this year, your future mortgage interest has been reduced and this will probably cost you less in the long run.
I am sorry I cannot help you more, please let me know if you need additional assistance.