Jessica had the following gains and losses for the year: Long-term loss = $45,000 Short-term loss = $15,000 Long-term gain = $20,000 Short-term gain = $19,000 How much gain or loss will Jessica deduct on her current tax return? $0 Long-term capital loss of $3,000 Long-term capital loss of $21,000 Short-term capital gain of $4,000; and $25,000 long-term loss
Jessica had the following gains and losses for the year: Long-term loss = $45,000 Short-term loss = $15,000 Long-term gain = $20,000 Short-term gain = $19,000 How much gain or loss will Jessica deduct on her current tax return? $0 Long-term capital loss of $3,000 Long-term capital loss of $21,000 Short-term capital gain of $4,000; and $25,000 long-term loss
Chapter3: Income Sources
Section: Chapter Questions
Problem 66P
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Question
Jessica had the following gains and losses for the year:
- Long-term loss = $45,000
- Short-term loss = $15,000
- Long-term gain = $20,000
- Short-term gain = $19,000
How much gain or loss will Jessica deduct on her current tax return?
$0
Long-term capital loss of $3,000
Long-term capital loss of $21,000
Short-term
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