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My son just started investing and unfortunately he already amassed a substantial loss in OXHP. Since he
doesn't itemize yet, will he be able to carry the loss forward and offset it some other year? Is it still
$ 3'000.00?
Thanks.
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Capital Losses are reported on Schedule D not Schedule A so he can take the loss without itemizing and wipe out any Capital Gains first then up to $3000 in other income including wages. The rest is carried over.

You report investment related expenses on Schedule A, such as a saftey deposit box or subscription to financial papers used for financial investing purposes.
He would not be able to claim these without itemizing.

Wendy
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Hey jessholl:

Check out my personal profile. We have something in common. Also, I used to teach accounting at VU.

rickisme
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<<My son just started investing and unfortunately he already amassed a substantial loss in OXHP.
Since he
doesn't itemize yet, will he be able to carry the loss forward and offset it some other year? Is it still
$ 3'000.00?>>

Sorry to hear about your son's misfortune.

But the good news is that he will be able to retain his capital loss carryover regardless of if he itemizes his deductions or not.

The carryover will be computed on the Schedule D and associated worksheets. So he'll be able to take his $3k loss against other income on the Sch D, and will be able to carryover any other losses to his 1998 Schedule D. Again, this is true no matter if he itemizes or not.

TMF Taxes
Roy
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