My expenses deductions were greater than my income. Can I hold these expenses to use on next years Tax return?

[Coleen3 · Accepted solution]

No, all income and expenses that occur between January 1 and December 31, 2016 must be entered on a 2016 tax return. If you took any accelerated depreciation or Section 179 expense for assets, you could depreciate them according to their useful life. Int his way, you can use the deduction in future years.