I didn't earn much this year, and so I didn't pay a lot of taxes, and so my refund will be small despite having a bunch of stuff to itemize. I want to know how much of it, if any, I can add to next year's itemization.
2007-04-10 09:29:29 · 3 answers · asked by theunseenwoman 2 in Business & Finance ➔ Taxes ➔ United States
Mortgage interest and property tax are deductible "in the year paid." If you wanted to defer the deduction for last year's taxes until the 2007 tax return, you would have had to defer the payments also (which is generally inadvisable). ;-)
2007-04-10 09:34:02 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You can only deduct the amount actually paid in the year you're filing for. If you can't use it this year, you can't save the deduction or any part of it for future years. Next year you can itemize what you pay in 2007.
2007-04-10 16:36:00 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Exactly $0 or 0%, whichever is higher. You cannot carry those forward, sorry.
2007-04-10 16:33:40 · answer #3 · answered by Bostonian In MO 7 · 2⤊ 0⤋