An individual with a capital gain loss of $7,000 can deduct how much in the current year when filing jointly?

When filing jointly, an individual with a capital gain loss can deduct a portion of that loss against their ordinary income. The IRS allows taxpayers to deduct up to $3,000 of capital losses ($1,500 if married filing separately) in a tax year, regardless of the total amount of the capital loss.

In this scenario, the individual has a capital gain loss of $7,000. Since the maximum deduction allowed is $3,000 when filing jointly, this means that they can utilize this maximum amount in the current year to offset ordinary income. The remaining $4,000 can be carried forward to future tax years to offset future capital gains or, if necessary, again be deducted against ordinary income up to the same limit of $3,000 per year.

Therefore, the correct amount that can be deducted in the current year when filing jointly, given the circumstances, is $3,000.