During the year Tamara had capital transactions resulting in

During the year, Tamara had capital transactions resulting in gains (losses) as follows:

As a result of these transactions, Tamara has a   of $ and a   of $.

Overall, Tamara has a net of $.

Sold stock in ABC Company (acquired two years ago) ($6,100)
Sold collectible coins (held for more than one year) $8,540
Sold stock in XYZ Company (acquired six months ago) ($17,080)
Sold stock in LMN Company (acquired three years ago) $2,135

Solution

Tamara has
Short term capital loss of $(17,080)
Long term capital Gain-($6,100)+$8,540+$2,135=$4,575
Overall a net capital loss of($4,575-$17,080)= ($12,505)

Capital gains and losses are netted.If there is a net loss , the taxpayer may deduct a maximum of $3,000 against other income.The remaining net capital loss is carried forward idefinitely.(These all are capital asset)

Note:
if you hold the asset for more than one year before you dispose of it, your capital gain or loss is long-term. If you hold it one year or less, your capital gain or loss is short-term

During the year, Tamara had capital transactions resulting in gains (losses) as follows: As a result of these transactions, Tamara has a of $ and a of $. Overal

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