Message Font: Serif | Sans-Serif
No. of Recommendations: 0

We have a situation where my 17 year old son has stock losses (we won't go into our foolish investments) which we would like to take the most advantage of in future years. Hopefully we will at some point have gains to offset. The problem I see right now is that he has no taxable income. I would like to carry the losses forward - but not this year but in future years when we can actually reduce the taxable income. Any ideas?

One other note. Last year I began filing separate income tax forms for my son so that his gains would not be added to mine. I don't know if it is possible to file his with mine again due to age etc. But in this case, at least his losses would be comming off of actual income.

Thanks, Bill
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.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
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.