In 2016, Bertha Jarow (head of household with three dependents) had a $28,000 loss from the sale
Question:
Long-term capital loss .........................................($ 6,000)
Long-term capital loss carryover from 2015 ................(12,000)
Short-term capital gain ..........................................21,000
Short-term capital loss ...........................................(7,000)
What is Bertha's net capital gain or loss? Draft a letter to Bertha, explaining the tax treatment of the sale of her personal residence. Assume that Bertha's income from other sources puts her in the 28% bracket. Bertha's address is 1120 West Street, Ashland, OR 97520.
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Related Book For
South Western Federal Taxation 2017 Comprehensive
ISBN: 9781305874169
40th Edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young
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