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My son had a loss on his 2007 taxes. He did not file for 2008

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My son had a loss...
My son had a loss on his 2007 taxes. He did not file for 2008 as he had no income. For 2009, he does have income and must file. Does the loss in 2007 carryover to 2009?
Submitted: 7 years ago.Category: Tax
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Answered in 2 minutes by:
3/1/2010
Tax Professional: Merlo, Accountant replied 7 years ago
Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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Did your son report a business loss in 2007 or was this just a loss on his individual personal taxes?

 

 

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Customer reply replied 7 years ago
Just a loss on his individual taxes.
Tax Professional: Merlo, Accountant replied 7 years ago

Hello again JA Guest,

 

Unfortunately losses on an individual's tax return cannot be carried forward to future tax years. Any deductions which you claim in any given year only reduce your taxable income, but not below zero, and the excess deductions are unfortunately not applied to future tax years.

 

If this was helpful please press the Accept button.

 

Thank you JA Guest

 

 

Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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