Can i deduct mutual fund,stock losses?

You can use capital losses to offset capital gains. If your losses exceed your gains, you can use the losses to offset a maximum of $3,000 of ordinary income. If your losses are more than $3,000 more than your gains, you can carry the losses over to future years for a maximum of 5 years.

up to 3K per year per person

If you sell the shares at a loss, the loss is deductible. However, you must differentiate between short-term and long-term losses, and apply them against any gains in each category. When this is done, you may or may not have a net loss. Beyond the offsetting gains, if any, you may deduct up to $3000 of annual losses against "regular" income. Any excess is carried over to future years.

You can only deduct them against capital gains you have made... and you can only deduct $3000 a year against your gains. For example, if you have $21,000 in losses, it will take you seven years to claim that total. Your tax advisor can give you all the details.

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