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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 581
Experience:  10 years experience
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Because of nursing home costs in 2015, we had a negative

Customer Question

Because of nursing home costs in 2015, we had a negative figure of over $67000 on our income tax. Can that be used on our 2016 income tax?
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: Minnesota
JA: Has anything been filed or reported?
Customer: The 2015 income tax has been filed.
JA: Anything else you want the lawyer to know before I connect you?
Customer: Our nursing home costs since April have been reduced by moving my husband to a VA Home.
Submitted: 4 months ago.
Category: Tax
Expert:  emc011075 replied 4 months ago.

Hi. My name is ***** ***** I will be happy to help you.

What figure on your 2015 tax return was negative? The adjusted gross income OR the taxable income (after itemized deduction)?

Customer: replied 4 months ago.
Line 41, Taxable Income was 0
Expert:  emc011075 replied 4 months ago.

If you had negative AGI (adjusted gross income) you could carryover the loss to the future years. But if your taxable income was reduced or eliminated by itemized deduction, you cannot carryover the unused deduction to 2016. Unfortunately, what you couldn't deduct is lost.

Expert:  emc011075 replied 4 months ago.

I see you read my respond. Do you have any questions? Is there anything else I can help you with today?

Customer: replied 4 months ago.
This isn't working for me. I guess I need a local consultant. Sorry.