Deductions- carry forward or carry back?

[ggold65]

New York

For this tax year (2004) I have $40,000.00 in mortgage interest and real estate tax deductions. I, however, have absolutely no income for this tax year. Can I somehow apply these deductions to a past or future year? If not, can I do ANYTHING with the deductions or are they completely lost?

 

[abezon]

Depending on other items in your tax return, you *might* have a net operating loss, which you could carry back or carry forward. See an experienced tax pro (NOT a first year preparer) for help.