That's not quite the same scenario though..... in that situation they were trying to undo an election made in a closed year.
In my situation, the deduction was (arguably, perhaps) not allowable in the first place.
My issue is whether an unallowable deduction results in the disallowance of a future FTHBC and if it does, is there anything that can be done to correct it. The answer I'm hearing to the latter question is "No". I'll concentrate on the first question.
Thanks again for all of the comments!
In my situation, the deduction was (arguably, perhaps) not allowable in the first place.
My issue is whether an unallowable deduction results in the disallowance of a future FTHBC and if it does, is there anything that can be done to correct it. The answer I'm hearing to the latter question is "No". I'll concentrate on the first question.
Thanks again for all of the comments!
Comment