Question Help Consider the four independent situations below for an unmarried in

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Question Help Consider the four independent situations below for an unmarried individual, and analyze the effects of the capital gains and losses on the individual's AGI (Click the icon to view the four independent cases.) Requirement For each case, determine AGI after considering the capital gains and losses. capital loss (NLTCL), and then the AGI after considering For each case, determine the net short-term capital gain (NSTCG) or net short-term capital loss (NSTCL), the net long-term capital gain (NLTCG)or net the capital gains and losses. (Use a minus sign or parentheses to enter a loss.) Data Table Situation1 Situation 2 Situation 3 Situation 4 NSTCG (NSTCL) NLTCG (NLTCL) AGI after considering Situation1 Situation 2 Situation 3 Situation 4 AGI (excluding property capital gains and losses transactions) STCG STCL LTCG LTCL $ 75,000 $80,000 $40,000 90,000 4,000 19,000 11,000 2,000 5,000 2,000 4,000 2,000 2,500 3,500 9,000 7,000 7,000 6,000 13,000 15,000 Enter any number in the edit fields and then continue to the next question. Print Done

Explanation / Answer

The completed table is provided as below:

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Notes:

1) NSTCG (NSTCL) = STCG - STCL

2) NLSTCG (NLTCL) = LTCG - LTCL

3) For Situation 4, the maximum deduction that can be claimed would be $3,000 of NSTCL as per the applicable rules. As net short term capital loss is allowed to be set off against net long term capital gain, $3,000 (15,000 - 9,000 - 3,000) of NSTCL will be carried forward to the next year.

Situation 1 Situation 2 Situation 3 Situation 4 AGI (Excluding Property Transactions) 75,000 80,000 40,000 90,000 STCG (A) 5,000 2,500 7,000 4,000 STCL (B) 2,000 3,500 6,000 19,000 LTCG (C) 4,000 9,000 13,000 11,000 LTCL (D) 2,000 7,000 15,000 2,000 NSTCG (NSTCL) [A-B] 3,000 (1,000) 1,000 (15,000) NLTCG (NLTCL) [C-D] 2,000 2,000 (2,000) 9,000 AGI after considering Capital Gains and Losses 80,000 (75,000 + 3,000 + 2,000) 81,000 (80,000 - 1,000 + 2,000) 39,000 (40,000 + 1,000 - 2,000) 87,000 (90,000 - 3,000)

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