Katrina is the sole owner of rental real estate that produces a net loss of $18,000 in
Question:
Katrina is the sole owner of rental real estate that produces a net loss of $18,000 in 2017 and $22,000 in 2018 and income of $9,000 in 2019. Her adjusted gross income, before considering the rental property for the years 2017 through 2019, is $115,000, $137,000, and $88,000, respectively.
a. What is Katrina's adjusted gross income for 2017, 2018, and 2019 if she qualifies as a real estate professional?
b. What is Katrina's adjusted gross income for 2017, 2018, and 2019 if she actively participates in the rental activity?
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a As a real estate professional the rental activity is not passive and Katrina can deduct the 2017 a...View the full answer
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Related Book For 
Concepts In Federal Taxation
ISBN: 9781337702621
26th Edition
Authors: Kevin E. Murphy, Mark Higgins
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