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Thomas and Courtney are married, and they will file a joint return. In 2 0 2 3 , they sold an undeveloped plot of land.
Thomas and Courtney are married, and they will file a joint return. In they sold an undeveloped plot of land. They had purchased the land in as an investment. Unfortunately, the value of the land decreased, and they incurred a $ loss at the time of sale. They had no other capital gains or losses during the year, and they had no prioryear carryover losses. How much of the loss from the sale of the land may the couple use to offset their ordinary income?
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