Lucy has AGI of $120,000 before considering losses from some rental real estate she owns (she actively
Question:
Rental property 1…………… ($22,000)
Rental property 2…………...…. (5,000)
a. How much of the losses can Lucy deduct?
b. If Lucy’s AGI before the losses was $90,000, how much of the losses can she deduct?
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a She is allowed some of the 25000 offset but some of the losses do phaseout She loses ...View the full answer
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Related Book For 
Fundamentals Of Taxation 2015
ISBN: 9781259293092
8th Edition
Authors: Ana Cruz, Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler, Jinhee Trone
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