@afsteven0513 simply, your capital losses are netted against your capital gains. If there are more losses than gains, up to $3000 can be used to reduce your ordinary income. if there are still dollars remaining, that is a tax loss carry forward and you can use that remaining loss against future gains and up to $3000 against ordinary income.
as others have stated the losses have nothing to do with itemizing./
Itemizing is Schedule A and Capital Losses are Schedule D
