AGI after stock trans. The 20,000 would combine with the 24,000 capital loss to produce a net capital loss of 4,000. Again, only 3,000 is deductible this year. The AGI would still be 40,000. He deducts 3,000 per year for the next five years against ordinary income for a tax savings of 1,080 per year.
Salary is active income.
Net passive loss is not deductible. Both VP and BL are active. Both VP and BL are passive. The 13,000 loss can only be deducted against other passive income. If she does not buy the rental house, she cannot deduct the 13,000 loss.