The IRS Deductions Blog

Posts Tagged ‘itemized deduction schedule a’

Question: Can you write off a loss from Schedule D- Capital Gains and Losses- if you do not itemize deductions?

I invested in a mutaul fund for my son some years ago and now he needs to sell to pay for some college expenses.He is 21 years old now The fund was set up as a custodial account.The principle investment has been reduced by almost half.Can he claim the loss even though he does not itemize ?He is also my dependent?

Answer: Yes.

Investment losses are not an Itemized Deduction and can be claimed whether you itemize or take the standard deduction.

Remember though, net losses can not exceed $3000 per year and any remaining losses can be carried forward.

Items on Amazon Right Now for Itemized Deduction Schedule:

5 things you should know about deducting charitable donation

1. Check to see the charity is legitimate and qualified for a tax deduction. Tax exempt organizations may be found at www.irs.gov under “IRS Publication 78.” Some examples of organizations that qualify include: churches, nonprofit schools and hospitals or war veteran groups. Groups that do not qualify include: political organizations or lobby groups, for-profit groups …

#1040 – Enermax Galaxy EVO 1250W Power Supply Video Review