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Questions about stocks and taxes

A

Argo

Lifer
This is my first year trading stocks. Overall I'm up, however, I plan on selling one bad stock (lost almost 1k on it) to offset the my income taxes. My question is do I need to itemize in order to report short term losses on my taxes? I usually don't itemize because it less effective for me. Now should I sell that stock? Any taxologists (😉) here?
 
You can get the tax forms and booklet at irs.gov IIRC captial gains uses only its different set of forms /schedules, but I just buy and hold mutual funds so I only have to deal with gains.
 
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