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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.

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