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Series 7 Stockbroker (Series7 ) Practice Tests & Test Prep by Exam Edge - Related Blogs



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Series 7 General Securities Representative Exam - Blogs Sample Questions

If a taxpayer has a net short-term capital loss of $15,000, he can declare a loss of what amount this year?

Correct Answer:
$3,000


the correct answer is $3,000. when a taxpayer experiences a net short-term capital loss, such as the $15,000 in this scenario, the internal revenue code (irc) permits a maximum annual deduction of $3,000 against the taxpayer's other income. this limit applies irrespective of the amount of total net short-term capital loss incurred during the year.

capital losses are classified based on the duration the asset was held before being sold. short-term capital losses result from selling assets held for one year or less. contrastingly, long-term capital losses arise from assets held for more than one year. here, we are dealing with a short-term loss.

if the short-term capital loss exceeds the $3,000 deduction limit, the excess loss can be carried forward to subsequent tax years. in this case, after taking the $3,000 deduction this year, the taxpayer can carry forward the remaining $12,000 to offset future income. this carryforward is used first to offset any future capital gains, and if the gains are still insufficient to absorb the loss, up to $3,000 can be deducted annually from other types of income until the loss is fully utilized.

therefore, in the current tax year, the taxpayer can only declare a loss of $3,000, taking advantage of the stipulated annual deduction limit for net short-term capital losses. the remaining loss will continue to provide potential tax relief in future years, depending on the taxpayer’s financial and investment circumstances.

Additional Blogs for FINRA - Financial Industry Regulatory Authority dfgdfgdfg

In your journey to get Series 7 General Securities Representative Exam certified it is important for you to have all information related to your exam. So we have pulled together a list of additional blogs that may be of interest to you because that are all related to the Financial Industry Regulatory Authority.

Exam Edge Blogs for FINRA - Financial Industry Regulatory Authority