Question
To better understand the rules for offsetting capital losses and how to treat capital loses carried forward analzye the following data for an unmarried individual
To better understand the rules for offsetting capital losses and how to treat capital loses carried forward analzye the following data for an unmarried individual for the period 2017-2020. No capital loss carryforwards are included in the figures. For each year determine AGI and the capital losses to be carried forward to a later tax year.
| 2017 | |
| AGI (excluding property |
|
| transactions) | $48,000 |
| STCG | 2,000 |
| STCL | 10,000 |
| LTCG | 7,250 |
| LTCL | 6,500 |
| AGI (including property |
|
| transactions) | $45,000 |
| STCL to be carried forward | 4,250 |
| LTCL to be carried forward |
|
|
| 2018 |
|
|
|
| AGI(including property transactions | $58,000 |
| STCG(short term capital gain) | 8,500 |
| STCL (short term capital loss) | 2,250 |
| LTCG (long term capital gain) | 7,500 |
| Long term capital loss LTCL | 20,500 |
|
| |
| AGI | $55,000 |
| LTCL to be carried forward | ? |
WHat is the LTCL to be carried forward for 2018?
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Computerized Accounting Using QuickBooks Pro 2020
Authors: Alvin A. Arens, D. Dewey Ward, Carol J. Borsum
6th Edition
0912503793, 9780912503790
