To better understand the rules for offsetting capital losses and how to treat ca

Question

To better understand the rules for offsetting capital losses and how to treat capital losses carried forward, analyze the following data for an unmarried individual for the period 2014 through 2017. No capital loss carryforwards are included in the figures Requirement For each year, determine AGI and the capital losses to be carried forward to a later tax year. (If a box is not used in the table leave the box empty; do not enter a zero. Enter loss amounts as a positive number.) 2014 2015 2016 2017 AGI (excluding property transactions) STCG STCL LTCG LTCL AGI (including property 52,000 $ 62,000 $ 72,000$ 2,250 9,250 7,750 6,500 6,000 1,500 8,500 18,500 8,500 8,000 5,200 4,000 82,000 5,500 7,500 5,000 7,000 transactions) STCL to be carried forward LTCL to be carried forward

Explanation / Answer

Note: * Deduction of $ 3000 can be taken for all capital losses in case of unmarried

2014 2015 2016 2017 AGI ( Excl Property Transaction)        52,000          62,000             72,000        82,000 STCG           2,250            6,000                8,500           5,500 STCL           9,250            1,500                8,000           7,500 LTCG           7,750            8,500                5,200           5,000 LTCL           6,500          18,500                4,000           7,000 Net STCG (Net STCL)         -7,000            4,500                   500         -2,000 Net LTCG (Net LTCL)           1,250        -10,000                1,200         -2,000 AGI (incl Property Transactions)        49,000          59,000             72,000        79,000 STCL to be c/f         -2,750 Set off 500                  -   LTCL to be c/f                  -             -2,500 Set off 1200         -1,000

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.