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Ed Johnson
Ed Johnson, Tax Preparer
Category: Tax
Satisfied Customers: 10760
Experience:  GPHR Cert; U.S. Treasury Tax Advocacy Panel appointee
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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.

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