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Please explain why the overall capital loss is $5,000 and why he can only deduct $3,000 and how did he arrive at $48,000. Looking for
Please explain why the overall capital loss is $5,000 and why he can only deduct $3,000 and how did he arrive at $48,000. Looking for explanation since I do not truly understand this problem.
Nell, single and age 38, had the following income and expense items in 2018: Nonbusiness bad debt $6,000 Business bad debt 2,000 Nonbusiness long-term capital gain 4,000 Nonbusiness short-term capital loss 3,000 Salary 50,000 Interest income 3,000 Determine Nell's AGI for 2018 in the amount of $ Nell has an overall capital loss However, Nell may deduct only 5,000 3,000 this year. Nell's adjusted gross income is $ 48,000Step by Step Solution
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