During 2012, Randy Rooney recognizes a $13,000 short-term capital loss, an $8,000 long-term capital loss and a $9,000 short-term capital gain. What is the amount and nature of Randy's capital loss carryover to 2013?

Question

Quizplus · Accepted Answer

the taxpayer has a net short-term capital loss of $4,000 (through netting the $13,000 STCL and the $9,000 STCG) and a net long-term capital loss of $8,000. the taxpayer takes a $3,000 deduction from the short-term capital loss ﬁrst which leaves a $1,000 short-term capital loss carryover and an $8,000 long-term capital loss carryover.

During 2012, Randy Rooney Recognizes a $13,000 Short-Term Capital Loss