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In 2020, Matt and Rhonda had a capital gain of $6,000 from the sale of stock. They also sold a piece of land during
In 2020, Matt and Rhonda had a capital gain of $6,000 from the sale of stock. They also sold a piece of land during the year; they had purchased the land in 2015 as an investment. Unfortunately, the value of the land decreased, and they incurred a $5,000 loss at the time of sale. They had no other capital gains or losses during the year, and they had no prior-year carryover losses. How much of the loss from the sale of the land may the couple use to offset their ordinary income? $0 $1,000 $3,000 $5,000
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