For 2012, Steven Sutton had taxable income of $40,000. His stock transactions in 2012 were as follows: What is Steve's net capital loss for 2012 and his carryover to 2013?

Question

For 2012, Steven Sutton had taxable income of $40,000. His stock transactions in 2012 were as follows:  What is Steve's net capital loss for 2012 and his carryover to 2013?

Quizplus · Accepted Answer

Steve has the following: an LTCG of $2,800 on A stock; an LTCL of $3,000 on B stock; an STCL of $1,500 on C stock; and an STCL of $4,000 on D stock. the refore, he has a net LTCL of $200 and a net STCL of $5,500. With a net overall loss of $5,700, he gets a $3,000 deduction and a carryover of $2,700.

For 2012, Steven Sutton Had Taxable Income of $40,000