Bert Baker had ($ 50,000) salary during 2018 and had the following capital gains and losses: How
Question:
Bert Baker had \(\$ 50,000\) salary during 2018 and had the following capital gains and losses:
How should Bert treat the above on his 2018 tax return?
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To determine how Bert should treat the capital gains and losses on his 2018 tax return we need to follow the IRS guidelines for reporting capital gains and losses Heres how Bert should handle each item ShortTerm Capital Loss STCL Carryover from 2017 Bert can use the shortterm capital loss carryover from 2017 to offset any capital gains he had in 2018 Since theres no specific information on shortterm capital gains in 2018 lets assume there were none Bert can use the 4000 STCL carryover to offset other gains ShortTerm Capital Loss STCL Bert incurred a shortterm capital loss of 2000 in 2018 This loss can offset any shortterm capital gains Bert may have had during the year If there were no shortterm capital gains Bert can use this loss to offset his other taxable income up to 3000 with any excess carried forward to future years ShortTerm Capital Gain STCG Bert had a shortterm capital gain ...View the full answer
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Related Book For 
CCH Federal Taxation 2019 Comprehensive Topics
ISBN: 9780808049081
2019 Edition
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback
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