Brandee has the following results of netting her short-term and long-term capital gains and losses for 2019: $42,000 short-term capital loss, $26,000 net long-term capital gain ($24,000 0%/15% long-term capital gain, and $2,000 28% long-term capital gain). What is her net capital gain or loss for 2019 and, if there is a net capital loss, how much of the loss and what type of loss carries over to 2020?

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Business

Devan Andrews

23 April, 02:13

Brandee has the following results of netting her short-term and long-term capital gains and losses for 2019: $42,000 short-term capital loss, $26,000 net long-term capital gain ($24,000 0%/15% long-term capital gain, and $2,000 28% long-term capital gain). What is her net capital gain or loss for 2019 and, if there is a net capital loss, how much of the loss and what type of loss carries over to 2020?

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Adam Pena · Answer 1

up to 3,000 short term gain carry over for the next year if not used in the current year against other source of income.

Explanation:

short term capital loss (42,000)

long term capital gain 26,000

net capital loss (16,000)

Then, from this amount of 16,000 loss we can carry over up to 3,000 dollars to other kind of income like wages or interest income.