Are any of the following losses deductible on an individuals income tax return? If so,...
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Accounting
- Are any of the following losses deductible on an individuals income tax return? If so, is the loss deductible for or from AGI? Explain each loss.
Loss Amount
Loss on sale of stock in an individuals wholly-owned business corporation $4,000
Hobby loss in excess of hobby gross income 3,000
Gambling losses in excess of gambling winnings 8,000
Loss on sale of stock in individuals investment portfolio 9,000
Decline in value of stock held in individuals investment portfolio 7,000
Loss on sale of personal automobile 2,000
Total $33,000
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