Message Font: Serif | Sans-Serif
No. of Recommendations: 0
<< 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
Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.