Deferring deductions to next year....Possible? (paying, increase, income, deductible)
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With all your questions you really should be talking to a tax specialist not an internet board.
My questions, although related, are worded specifically (intentionally), so that maybe it can help others having the same issue in the future. (hopefully).
i did talk to an accountant today.....he said there's nothing he can think of. but i'm surprised by the often great advice i get on CD....so here i am.
not sure of what you are asking or what the ultimate goal is to accomplish and why
i have another thread that details the issue. Sorry, don't want to rehash it here because it would then essentially be a duplicate post. I wanted to keep the scope of this thread to simply 'deferring deductions to next year if possible...', but i'd love to have your input on my other thread if you have a minute.
Of course it is possible. However, you have to defer paying in order to defer claiming. If you have paid deductible items in 2018, then you can only deduct them in 2018.
Assuming you are a cash basis tax payer you can not defer to the following year. In general the deduction goes to the year you paid the item.
You can elect to not file a deduction in the current year and that will increase your income. But you can not carry the deduction forward.
Yeah, gotcha. That would have no benefit to me of course. Unfortunately.
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