Standard Deduction 2008
November 30th, 2010
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Question: Is a capital loss carry over applied to deduct income when filing taxes considered a tax credit?
Reason I ask is I’m planning on not itemizing for 2008 next year and I have capital loss carry over to apply however. I want to take the standard deduction and also use the carry over. Can I still do that even though I’m not itemizing?
Answer: A capital loss carryover is NOT an itemized deduction. It’s an above the line adjustment and applies whether you itemize or not. You do need to file Form 1040 to take it but itemizing or not itemizing isn’t a factor.
And no, it is NOT a credit, just an adjustment that reduces your AGI and therefore your taxable income.
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