R2-M2 Gains And Losses

Question 1

What is the limit of capital loss deduction to offset ordinary income? Can you carry forward indefinitely?

Answer 1

3,000; Yes

Question 2

What is a capital asset?

Answer 2

Asset held or used first investment (stocks, bonds, virtual currency) or personal use (personal car, home, furniture)

Dispositions are taxed as capital gains/losses

Question 3

What are noncapital assets