TX Tax Law Specialist Practice Questions - Texas Board Certified - Tax Law Exam

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A single taxpayer has $5,000 of net capital loss for the year after netting all capital gains and losses. How much may be deducted against ordinary income, and what happens to the excess?

$$3,000 deductible currently; $2,000 carried forward indefinitely $$5,000 deductible currently with no carryover $$1,500 deductible currently; $3,500 carried forward 5 years None deductible; the full $5,000 carries forward

Correct Answer:

$$3,000 deductible currently; $2,000 carried forward indefinitely

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