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12 November, 22:04

In 2019, Paul, a single taxpayer, has taxable income of $30,000 exclusive of capital gains and losses. Paul incurred a $1,000 short-term capital loss and a $4,000 long-term capital loss. What is the amount of his long-term capital loss carryover to 2019?

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  1. 13 November, 01:28
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    Our answer is $2000

    Step-by-step explanation:

    Short term capital loss = $1000

    Long term capital loss = $4000

    Taxable Income = $30000

    Long term capital loss carryover to 2019 = ($1000 + $4000) - $3000 = $2000
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