In 2012, Greg Goodrich had taxable income of $100,000. ftis amount included short-term capital losses of $1,000 and long-term capital losses of $12,000. Greg had no other capital transactions in prior years. What is Greg's capital loss carryover to 2013?

Question

Quizplus · Accepted Answer

Greg has a net STCL of ($1,000) and net LTCL of ($12,000) which gives a net overall loss of $13,000. $3,000 is deductible this year and $10,000 is the capital loss carryover to 2013 and it would be long-term.

In 2012, Greg Goodrich Had Taxable Income of $100,000