Another Tax Question

[JimboJ]

I saw another question posted here about taxes and thought what the hell

if you havent deducted an expense from a previous year, can you carry forward that expense and use it against a current year?? and how far back can you bring something like that forward??

thanks

 

[Fuzzy Thumper]

I saw another question posted here about taxes and thought what the hell

if you havent deducted an expense from a previous year, can you carry forward that expense and use it against a current year?? and how far back can you bring something like that forward??

thanks

Not enough info to answer for sure.... Generally speaking... nope. Gotta apply it to the year you spent/accrued it to earn money. Some things, however, are "special" (medical expenses, RSP deductions, etc.).

If it is within three years, you can file an ammendment to the year the expense is applied. They'll re-assess you, and refund the appropriate amount... and if it increases losses, you can carry those forward indefinitely....

It's simple to do, but if you're unsure, see a qualified accountant.

FT.