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This question is about deductions for adjusted gross income. According to my textbook (southwestern individual income...

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Accounting

This question is about deductions for adjusted gross income.According to my textbook (southwestern individual income taxes2019), “excess capital losses” is considered a deduction for AGI.Does this mean business capital losses or personal capital losses(such as losses on personal property - a personal use car )?

Also how do I know when a deduction is For AGI or From AGI? Isthere a foolproof way to tell

Answer & Explanation Solved by verified expert
4.5 Ratings (817 Votes)
All capital gains and losses are included in your adjusted gross income That is personal property losses and loss on cars are also included A capital gain increases your income on your tax return a    See Answer
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