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mike sold equipment he is no longer using in his business at a loss of $4,000, and he sold investments at a loss of $8,000. mike had no other sales of property in the current year. what are the tax implications

Respuesta :

In the current year, deduct the $4,000 loss on equipment and the remaining $3,000 loss on investments. The leftover investment loss is carried over to the next year.

Equipment definition and examples

A business might benefit from equipment throughout a number of years of use because it is a tangible long-term asset. Equipment includes things like computers, automobiles, and manufacturing machinery. They differ from intangible assets (like patents, trademarks, or copyrights) in that they have a physical form, making them palpable.

Which investments do you refer to?

A purchase made with the intention of earning money or gaining notoriety is referred to as an investment. An economic outlook defines an investment as the acquisition of products that are not consumed right away but will be used to create wealth down the road.

Which four sorts of investments are there?

investments for growth.

Shares.

Property.

securing investments

Cash.

To Know more about current year

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