Advise wanda regarding the tax consequences of her plan

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Question - Wanda is considering selling two personal use assets that she owns. One has appreciated in value by $20,000 and the other has declined in value by $17,000. Wanda believes that she should sell both assets in the same tax year so that the loss of $17,000 can offset the gain of $20,000.

A. Advise Wanda regarding the tax consequences of her plan.

B. Could Wanda achieve better tax results by selling the assets in different tax years? Explain.

Reference no: EM132017030

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