In 2019, Paul, a single taxpayer, has taxable income of $30,000 exclusive of capital gains and losses. Paul incurred a $1,000 sh
ort-term capital loss and a $4,000 long-term capital loss. What is the amount of his long-term capital loss carryover to 2019?
1 answer:
Answer:
Our answer is $2000
Step-by-step explanation:
Short term capital loss = $1000
Long term capital loss = $4000
Taxable Income = $30000
Long term capital loss carryover to 2019 = ($1000 + $4000) - $3000 = $2000
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