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Financial Planning / Tax Strategies


Subject:  Re: Net Loss/ Carry Forward of Losses Date:  3/20/2001  9:53 AM
Author:  irasmilo Number:  48726 of 129670


For this year's stock losses, file Form 1040 with Schedule D. If he can't use the losses this year because he doesn't have enough income, there is a worksheet to fill out which will allow him to carry the losses forward until such time that he can use them.

As to your past filing practices... You may want to amend your returns for the past three years. You can never include your son's gains or losses on your return. Under certain circumstances, you can include a minor's dividend and interest income on your return using Form 8814, but these only apply to a minor under age 14. Your son should have been filing his own returns (if he had sufficient income or needed to establish carryovers).

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