What is the amount of Kelly's $2023$ NOL?

Net loss from business $($sales of $$90,000$ less expense of $$120,000)(30,000)$ Salary from part$-$time employment $10,000$

Interest income from savings $3,000$

Net loss from rental of property $(5,000)-$ this is business loss

Net long$-$term capital gain from sale of business property $7,000$

Net short$-$term captial loss $-$ stock sale $(4,000)$

Standard deduction $13,850.$ The answer is $18,000$ and use the example below.

Net Operating Losses Example

Income consists of business loss of $$24,000,$

interest income of $$700$ and dividend income of

$$400.$

Itemized deductions are mortgage interest of

$$16,000,$ taxes of $$4,000$ and deductible casualty

loss of $$1,000.$ Taxable Income calculation:

AGI $(700+40024,000)$

$-22,900$

Itemized deduction

$(16,000+4,000+1,000)$

$-21,000$

Taxable Income

$-43,900$ Taxable Income

$-43,900$

No NOL or capital transactions

Nonbusiness deductions in excess of nonbusiness

income:

$(16,000+4,0001,100)$

$+18,900$

Net Operating Loss

$-25,000$