in 2018 logan had taxable income of $100000. this included short term capital losses of $1000...
Homework Answers
Per IRS, if a taxpayer has had a Net Capital Loss (Capital losses in excess of capital gains) during the year, they can deduct the loss upto a maximum of $3,000 from their earned income. The total loss for Logan during 2018 is $11,000 ($1,000 short term capital loss + $10,000 long term capital loss).
Hence, he can deduct upto $3,000 from the 2018 taxable income.
The remaining $8,000 ($11,000 - $3,000) is treated over as "Capital loss carryover" to 2019.
Please let me know if you have any questions via comments and all the best :)
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2018 logan had taxable income of $100000. this included short term
capital losses of $1000...
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