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What is taxable income considering capital loss for dorit

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Problem 1: Alex purchased a rental house 4 years ago for $270,000. Her depreciation at the time of the sale is $40,000. Due to a decrease in real estate prices, she sells the house for only $240,000 in 2020. What is her gain or loss for tax purposes?

a. $0

b. $10,000 loss

c. $10,000 gain

d. $35,000 loss

e. $25,000 gain

Problem 2: Dorit, a single taxpayer, has a long-term capital loss of $7,000 on the sale of bonds in 2020 and no other capital gains or losses. Her taxable income without this transaction is $43,000. What is her taxable income considering this capital loss?

a. $40,000

b. $36,000

c. $43,000

d. $55,000

e. Some other amount

Reference no: EM132822365

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