Determine the net effect on Tamara's adjusted gross income with regard to these capital asset transactions that occurred this year.

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Misael Richmond

6 February, 21:21

Determine the net effect on Tamara's adjusted gross income with regard to these capital asset transactions that occurred this year.

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Keegan Stevens · Answer 1

Sold ABCCo stock, acquired 2 years ago, for a $1,500 loss. Sold collectible coins, held for 17 months, for a $2,000 gain. Sold XYZCo shares, acquired 6 months ago, for a $4,100 loss. Sold LMNCo stock, acquired 3 years ago, for a $500 gain. (-1500+2000+500) = 1000 LTCG - 4100 = 3100 STCL

$3000 yearly limit; 100 is carry forward next year