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27 November, 13:28

For 2019, Ashley has gross income of $38,350 and a $5,000 long-term capital loss. She claims the standard deduction of $18,350 and is eligible for head of household filing status. Ashley is 35 years old and unmarried with two dependent children. How much of Ashley's $5,000 capital loss carries over to 2020?

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  1. 27 November, 16:13
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    carryover to 2020 = $2000

    Explanation:

    given data

    gross income = $38,350

    long-term capital loss = $5,000

    standard deduction = $18,350

    age = 35 years old

    dependent = 2 children

    to find out

    How much of Ashley $5,000 capital loss carries over to 2020

    solution

    we know that here for the individual maximum capital loss deduction is

    maximum capital loss deduction = $3000 for household

    so that carryover to 2020 will be here

    carryover to 2020 = 5000 - 3000 = $2000
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