Michael had a $4,000 loss on the sale of his car.He
A) cannot deduct the capital loss on this personal use asset.
B) can only deduct up to $3,000 of the loss in the initial year of the sale.
C) can deduct the entire $4,000 loss in the year of the sale.
D) can deduct $3,000 in the year of the sale and the remaining loss in a subsequent tax year.
Correct Answer:
Verified
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