During 2016, William sold the following capital assets:

Description	date of purchase	Sale date	Sale price	Cost basis
ABC Shares	05-05-2012	08-03-2016	$ 500	$8,000
Bond Fund 123	11-07-2015	25-02-2016	$2,000	$7,000
Buggy	06-12-2011	29-09-2016	$2,400	$4,600
antique chair	10-09-2003	21-04-2016	$4,000	$3,000

Calculate the following:

a. Total realized short-term capital gains/losses for tax purposes
b. Total realized long-term capital gains/losses for tax purposes
C. Deductible capital gain/loss
d. The amount and nature (short or long term) of your capital loss carryforward. Assuming William has no capital gains or losses for 2017, how much can he deduct in 2017 and what is the amount and nature of any carryover to 2018?

Answer rating: 100% (QA)

To calculate Williams capital gains and losses for tax purposes we need to determine whether each asset sale resulted in a shortterm or longterm gain ... View the full answer