In 2017, Jordan had taxable income of $100,000. This amount included short-term

Q: In 2017, Jordan had taxable income of $100,000. This amount included short-term

As per Indian Revenue Service (IRS) rule, an individual can setoff upto $3000 of capital losses in a year from taxable income. The taxable income of jordan is $ 100000 The capital loss is $ 11000, out of which the long term capital losses is $ 10000 and short term capital losses is $ 1000. Out of $ 11000, $3000 can be setoff against taxable income of $100000 Therefore carryover capital losses = $11000 - $3000 = $8000

ID: 2437606 • Letter: I

Question

In 2017, Jordan had taxable income of $100,000. This amount included short-term capital losses of $1,000 and long-term capital losses of $10,000. He had no other capital transactions in prior years. What is Jordan's capital loss carryover to 2018? $0 $1,000 $8,000 $11,000 In 2017, Jordan had taxable income of $100,000. This amount included short-term capital losses of $1,000 and long-term capital losses of $10,000. He had no other capital transactions in prior years. What is Jordan's capital loss carryover to 2018?

Explanation / Answer

As per Indian Revenue Service (IRS) rule,

an individual can setoff upto $3000 of capital losses in a year from taxable income.

The taxable income of jordan is $ 100000

The capital loss is $ 11000, out of which the long term capital losses is $ 10000 and short term capital losses is $ 1000.

Out of $ 11000, $3000 can be setoff against taxable income of $100000

Therefore carryover capital losses = $11000 - $3000

= $8000

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In 2017, Jordan had taxable income of $100,000. This amount included short-term

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