Julia acquired passive Activity A in January 2015 and passive Activity B in July 2017. Until 2018,

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Julia acquired passive Activity A in January 2015 and passive Activity B in July 2017. Until 2018, Activity A was profitable. Activity A produced a loss of $150,000 in 2018 and a loss of $150,000 in 2019. She has passive income from Activity B of $50,000 in 2018, and $35,000 in 2019. How much of the net passive losses may she deduct in 2018 and 2019 respectively?

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Fundamentals Of Taxation 2020 Edition

ISBN: 9781260483147

13th Edition

Authors: Ana Cruz, Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler

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