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I created a UGMA account for my son and invested in the foolish 4. Last year I had an overall capital loss of about $700. My son had no other income. Thus no tax is due (nor is a refund).

My question is, do I have to file a return at all? Can I carry over the loss to next year (when the foolish four will make profit!) and deduct it from my 2000 gains. In the latter case, do I have to file a return this year (to do the carry over?)

Thanks,

Dave
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<< I created a UGMA account for my son and invested in the foolish 4. Last year I had an overall capital loss of about $700. My son had no other income. Thus no tax is due (nor is a refund).

My question is, do I have to file a return at all? Can I carry over the loss to next year (when the foolish four will make profit!) and deduct it from my 2000 gains. In the latter case, do I have to file a return this year (to do the carry over?) >>

Yes, file the 1999 return to establish the carryover.

Phil Marti
Tax Preparer
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