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What amount of capital loss should individual carry forward

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Reference no: EM132824939

Problem 1: An individual with gross income of $78,000 had the following gains and losses from capital transactions during the current year:Loss of $11,000 on the sale of principal residence held for five years; Gain of $5,000 from the sale of securities held for four years;Loss of $9,000 on the sale of municipal bonds held for seven months; Loss of $4,000 on the sale of a painting held for investment for fifteen years. What amount of the capital loss should the individual carry forward?

A. $5,000

B. $ 8,000

C. $16,000

D. $19,000

Reference no: EM132824939

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