My kids each have a small custodial account. They made about $70.00 in dividend and interest and lost about $150.00. They each have a single composite1099 form from the brokerage company. They have no earned income. I understand that their income is below what we need to report to the government. I understand that we can choose to report the loss for carry forward purposes.
Can I choose to report the capital losses for carryover purposes on their tax returns and omit the dividend/interest on their tax returns?
