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Level 3
posted Mar 27, 2019 6:20:23 PM

Tax Year Prior to 2020: should file tax for minor if loss a lot in stock

My son's custodial account lost about $4000

My son did not earn any money in 2018

Can or should I file a tax return in order to take advantage of $4000 carryover loss?

 

0 2 2974
2 Replies
Level 15
Mar 28, 2019 4:16:03 AM

Yes

Employee Tax Expert
Apr 14, 2019 9:51:35 AM

If anything was sold in the account and he received a Form 1099-B, then yes he should file.   If the losses are in a Qualified (example an IRA) type of an account, or nothing was sold, then there are no carryover losses to be reported.