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capital loss deduction Federal

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  • capital loss deduction Federal

    My income for the year will only be about $5,000 and I will use the standard deduction which will eliminate any taxes owing.

    But I've got about $20,000 in capital loss for the year. My tax program(tax cut) is taking the $3,000 as a deduction.

    My question is whether I have to take the $3,000 deduction this year. Can I eliminate the deduction to 0 and carry a larger balance as a capital loss carrryover to 2009. It's worthless to me in 2008?
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