Carryover

Tax Glossary Definition

Carryover

Carryover – Refers to the process of transferring unused tax deductions, credits, or losses from one fiscal or tax period to another. This mechanism allows entities or individuals to apply unclaimed benefits to offset future income or tax obligations, preventing the forfeiture of those benefits.

Example: A company may carry over unused capital losses or depreciation amounts to future years to lower taxable earnings.

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