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.
E-filing hits a record high. During this filing season, more than 90 million returns were filed electronically, up more than 6% from last year. More than 30 million individual income tax returns were filed from home computers.
Source: IR-2009-46View all factoids