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During 2016, William sold the following capital assets: Description Date Purchased Date Sold Sales Price Cost Basis ABC Stock 05-05-2012 08-03-2016 $ 500 $8,000 123
During 2016, William sold the following capital assets:
Description | Date Purchased | Date Sold | Sales Price | Cost Basis |
ABC Stock | 05-05-2012 | 08-03-2016 | $ 500 | $8,000 |
123 Bond Fund | 11-07-2015 | 02-25-2016 | $2,000 | $7,000 |
Dune buggy | 06-12-2011 | 09-29-2016 | $2,400 | $4,600 |
Antique chair | 10-09-2003 | 04-21-2016 | $4,000 | $3,000 |
Calculate the following: a. Total short-term capital gain/loss realized for tax purposes b. Total long-term capital gain/loss realized for tax purposes c. Deductible capital gain/loss d. The amount and nature (short-term or long-term) of his capital loss carryforward e. Assuming that William has no capital gain or loss for 2017, how much can he deduct in 2017 and what is the amount and nature of any carryforward to 2018?
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