Tag Archive: carry backs and carry forwards

Go forward or backward to utilize tax benefits

Written by June 23, 2015

Although the tax code contains some exceptions, income is generally taxable in the tax year received and expenses are claimed as deductions in the year paid. But “carryforwards” and “carrybacks” have special rules. Here are four examples. * Capital losses. After you net annual capital gains and capital losses, you can use any excess loss to offset up to $3,000...