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QUESTION

In 2016, Rosalva sold stock considered short-term for a gain of $1,290 and stock considered long-term for a loss of $3,680.

In 2016, Rosalva sold stock considered short-term for a gain of $1,290 and stock considered long-term for a loss of $3,680. She also had a $3,770 short-term loss carryover from 2015 and a $1,295 long-term loss carryover from 2014.

  1. What amount will be shown as a short-term gain (loss) for 2016?
  2. What amount will be shown as a long-term gain (loss) for 2016?
  3. How much of the loss is deductible in 2016?
  4. What is the amount of long-term carryover to 2017?
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