client who is in his 70's. in 2020, he incurred significant capital losses in the amount of $65,000 because he sold some stocks when the stock market fell as a result of the pandemic. Because my client's losses are investment losses (and therefore capital), he can only deduct $3,000 per year against other income. With $65K in losses, it will take him more than 21 years to recover those losses. Since he is in his 70's, he may not live that long. What advice might you give him to use up
client who is in his 70's. in 2020, he incurred significant capital losses in the amount of $65,000 because he sold some stocks when the stock market fell as a result of the pandemic. Because my client's losses are investment losses (and therefore capital), he can only deduct $3,000 per year against other income. With $65K in losses, it will take him more than 21 years to recover those losses. Since he is in his 70's, he may not live that long. What advice might you give him to use up
Chapter1: Financial Statements And Business Decisions
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I have a client who is in his 70's. in 2020, he incurred significant capital losses in the amount of $65,000 because he sold some stocks when the stock market fell as a result of the pandemic. Because my client's losses are investment losses (and therefore capital), he can only deduct $3,000 per year against other income. With $65K in losses, it will take him more than 21 years to recover those losses. Since he is in his 70's, he may not live that long. What advice might you give him to use up those losses faster?
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