I have already filed my taxes. Do interest charges for an investment loan HAVE to be claimed in the year they were given? I am fine with leaving my taxes done as is---IF I can keep this receipt for interest charges and use it on next years taxes. But not if I will lose the credit it will give me. If they HAVE to be used in the year given--I will send an amendment in to have them changed--but I would prefer not too---Can I save this for next year? Or not?
No, you cannot save your 2017 interest charges and deduct in a future year.
You can only deduct expenses in the year that you paid for them. Each tax return reports finances for its own year and each of those years needs to be kept separate. Deductions, income or anything else from a previous year cannot be claimed with the current year's tax information.
No, you cannot save your 2017 interest charges and deduct in a future year.
You can only deduct expenses in the year that you paid for them. Each tax return reports finances for its own year and each of those years needs to be kept separate. Deductions, income or anything else from a previous year cannot be claimed with the current year's tax information.