Carryover of expenses
Say you're on your way to be an electrician and your situation is as follows.
2020 - $0 income, $20k in deductions (tuition, supplies, etc. to become an electrician)
2021 - assume income of $50k, $0 deductions
Can I then use my 2020 deductions to offset my 2021 income? This is for a self-employed contractor.
2020 - $0 income, $20k in deductions (tuition, supplies, etc. to become an electrician)
2021 - assume income of $50k, $0 deductions
Can I then use my 2020 deductions to offset my 2021 income? This is for a self-employed contractor.