Assistance with Tax Homework Needed
I hope this isn’t too much to ask, but can anyone assist me in calculating short-term capital loss for my assignment? I’ve been really struggling with it, and my previous calculations have all been incorrect. Additionally, my figures for long-term capital—0 and 1,050—are also wrong. Unfortunately, I can’t reach out to my professor since it’s spring break, and she usually takes a while to respond to students anyway. Any help would be greatly appreciated!
One response
I can help you with that! To calculate your short-term capital loss, you’ll need to follow these steps:
Identify your short-term capital gains and losses: Short-term capital gains and losses come from the sale of assets that you’ve held for one year or less. List out all the transactions involving short-term assets, including their purchase and sale prices.
Calculate your gains and losses: For each transaction, subtract the purchase price (cost basis) from the sale price. If the sale price is less than the purchase price, you have a short-term capital loss.
Formula: Short-term Capital Gain/Loss = Sale Price – Purchase Price
Formula: Total Short-term Capital Gain/Loss = Total Short-term Gains – Total Short-term Losses
If you provide me with the specific figures for your transactions, I can help you calculate it more accurately. Don’t hesitate to ask for more clarification!