Need accounting help with Offsetting capital losses

timer Asked: Nov 15th, 2015
account_balance_wallet $20

Question description

I could really use help with this one....

To better understand the rules for offsetting capital losses and how to treat capital losses carried forward, analyze the following data for an unmarried individual for the period 2007 through 2010. No capital loss carryforwards are included in the figures.
For each year, determine AGI ad the capital losses to be carried forward to later tax year.
2010 2011 2012 2013
AGI (excluding property transactions) $  40,000 $  50,000 $  60,000 $  70,000
Short-term capital gains (STCG)   4,000   5,000   7,000   10,000
Short-term capital losses (STCL)   9,000   3,000   5,000   12,000
Long-term capital gains (LTCG)   6,000   10,000   2,200   6,000
Long-term capital losses (LTCL)   5,000   21,000   1,000   9,500
AGI (included in property transactions)
STCL to be carried forward   -    -    - 
LTCL to be carried forward   - 
Carryforward from prior year
Adjusted carryforward amount
Carryforward from prior year
Adjusted carryforward amount
Capital loss recorded on tax return


Tutor Answer

UT Austin

flag Report DMCA

Totally impressed with results!! :-)

Similar Questions
Hot Questions
Related Tags

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors