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2 years ago

For 2021, Sherri has a short-term loss of $2,500 and a long-term loss of $4,750. a. How much loss can Sherri deduct in 2021?

Business

1 answer:

lakkis [162]2 years ago

7 0

Based on the information given the amount of loss that Sherri deduct in 2021 is $3,000.

<h3>Short-term loss and long-term loss</h3>

Since he had both short-term loss and long-term loss the amount of loss that is deductible is $3,000 of capital loss. ($1,500 each for married filing separately).

Both the short-term loss and the long-term loss are combined up to the limit of the amount of $3,000 and the capital loss in excess of the amount of $3,000 are carried forward to following year.

Inconclusion the amount of loss that Sherri deduct in 2021 is $3,000.

Learn more about short-term loss and long-term loss here:brainly.com/question/25117603

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