Can Tax Deductions Be Carried Over?

Can Tax Deductions Be Carried Over?
Dr. Friday Tax Tips - One Minute Mo...

 
 
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Dr. Friday
Good day. I’m Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one minute moment.

Can tax deductions be carried over? Well, in most cases the answer is going to be no. You can carry forward charitable contributions that exceed 50% of your AGI investment interest in most cases and points obtained on a mortgage. Those would be the ones you can. So if you have other things like mortgage interest, property taxes, if you pay them in this year, you have to deduct them in this year. It’s not one of those things where well it doesn’t really qualify, so I’ll roll it over to next year. It can’t be done. So make sure you’re doing things in advance. Think about it. You can pay your property taxes in advance or hold off.

You need to know your taxes. Call me if you’ve got questions.

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