Personal Finance

Carryover of expenses

  • Last Updated:
  • Dec 15th, 2020 11:10 pm
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[OP]
Member
Sep 29, 2007
473 posts
178 upvotes
Toronto

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.
1 reply
Deal Addict
Jan 19, 2017
4405 posts
2541 upvotes
g.henderson wrote: 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.
Tuition for sure if the school gives you a T2202 tax slip.

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