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Deduction Carry Forward

Customer Question
If I have more deductions...
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: 9 years ago.Category: Tax
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Answered in 53 minutes by:
3/3/2008
Tax Professional: Mark D, Enrolled Agent replied 9 years ago
Mark D
Mark D, Enrolled Agent
Category: Tax
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Experience: MBA, EA, Specializing in Business and Individual Tax Returns and Issues
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Customer

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

Regards,

Mark D

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Customer reply replied 9 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?

Tax Professional: Mark D, Enrolled Agent replied 9 years ago
Customer

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.

Regards,

Mark D

Mark D
Mark D, Enrolled Agent
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