can individuals carry forward tax losses into future years?

Question

i am a student with no income, but i have some deductions related to tuition and job seeking expenses. can i deduct these and carry them forward to next year when i have income?

Answer 1

It's hard to take a deduction when you have no income to deduct it against. You can carry forward capital losses and write them off against your income indefinitely, up to 3000 a year for individuals. but the type of deductions that you are talking about, the answer is no. you deduct them in the year you incur them

Answer 2

I doubt that you can carry forward your losses because the rules for claiming a "net operating loss" for individuals are very complicated.

Also, for you to deduct job hunting expenses, the job must be similar to your previous job. If its your first job, then you can't deduct them at all.

Answer 3

i imagine in each case, the possibility is that the competition will locate something they could take out of context and/or make more desirable than it inevitably is. In Romney's case, the possibility is contained in the nature of funding income taxes. I heavily doubt Romney has finished something even *remotely* hostile to the guidelines in his tax returns. that isn't remember, notwithstanding, if the Democratic competition analyze well-knownshows some unusual loophole or tax look after that makes for an outstanding soundbite. this is totally in all chance, given the complexity of funding income guidelines. maximum persons purely don't have an in intensity information of how issues paintings in that section (i do not declare to be an expert myself). If it type of feels fishy to the common taxpayer, it is going to change right into a fashion to attack the candidate. and remember, the lynchpin of crew Obama's re-election approach is to color Romney as out of contact and some type of mogul bogeyman. In Obama's case, the GOP competition analyze is per chance searching for sub-par academic performance. this is lengthy been rumored that Obama did not do all that properly in some education, and the GOP wish to have information to apply hostile to him. the possibility right here isn't that Obama were given a C- in a classification 30 years in the past, yet that the "smartest guy contained in the room" image Obama rode in on in 2008 and keeps in some sectors in the present day will be damaged. There can be hopes of digging up something to teach Obama "were given a pass" and gained grades he did not earn, which may tie into the narrative some contained in the GOP carry about Obama "not in any respect having earned/run/managed something in his existence" etc. There may be some fringe varieties searching to toughen their kooky birther theories, yet i think the mainstream GOP persons are focusing on the first 2 motives. In both case, you're desirable in that no longer something in both case is in all chance to be a real reason to oppose or help both candidate. The blind trustworthy (as already evidenced by a number of the different responses your question) will run with any airborne dirt and airborne dirt and dirt they could locate, even no matter if that is a unmarried grain of sand, with the objective to talk.

Answer 4

No, you won't be carrying this type of loss forward. It's just a loss. Sorry. Good Luck!

Answer 5

U CAN'T FOOL IRS.