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You can’t take it with you – Making the most of tax carryovers


SKU: TXIja171. Category: .


Abstract: For many tax losses, deductions and credits, there are limits on how much a person can claim in a given year. Often, unused tax attributes — including passive activity losses, capital losses, charitable deductions and net operating losses — can be carried forward to future tax years. But what happens to these carryovers when someone dies? In some cases, they can be used on the deceased’s final income tax return. Otherwise, they’re lost forever. This article examines the tax treatment of certain carryovers and details the planning opportunities available. A sidebar addresses how to determine the spouse to which carryovers are attributable.

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