Question
For 2019, Jeremy earned a salary of $98,500 and received interest and dividend income of $6,800. Jeremy also had the following capital gains and losses
For 2019, Jeremy earned a salary of $98,500 and received interest and dividend income of $6,800. Jeremy also had the following capital gains and losses for 2019:
16 acres of land held for investment for 3 years...$13,110 gain
100 shares of Whitco common stock, held 6 months.... 6,624 gain
Short-term capital loss carryover from 2018.. ...(83,694) loss
80 shares of Linco stock held for investment for 4 years (23,460) loss
Compute Jeremy's overall capital gain or loss and its character for 2019 AND describe the amount and character of any loss carryforwards to 2020. Also, give Jeremy's adjusted gross income after the capital gains or loss results are included.
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