10 Carryovers to Keep Track Of

Not every deductible item can be fully written off in the current year. Some items must be deducted over a period of time, such as points for obtaining a mortgage on investment property. Some items have annual limits on deductions, with excess amounts carried forward and deducted in the future. The following are the types of items that may be carried forward; keep records of them so you can take them into account when preparing future tax returns.

1. At-risk losses
2. Capital losses
3. Charitable contributions
4. Depreciation on business or investment property
5. Home office deductions
6. Net investment interest
7. Net operating losses
8. Passive activity losses and credits
9. Points (other than those immediately deductible with respect to a principal residence)
10. Prepaid business expenses (such as rent, subscriptions, or insurance premiums) by cash-basis taxpayers