Client has Schedule A investment interest carrying over from 2015. In 2016 he can not itemize. He has $193 of investment income. Do I reduce the carryover by the $193 or not?
-
-
Yes. The c/o is "used" the following year, up to the amount of that year's investment income. Whether or not is is actually deducted is irrelevant.Roland Slugg
"I do what I can." -
Investment interest deduction
And if you look on line 14 of your "unused" Schedule A, the investment interest that was used-but-not-used should be present.
FEComment
-
Thanks
I was afraid of that. Thanks for confirming.Comment
Comment