LO7 Katrina is the sole owner of rental real estate that produces a net loss of $18,000

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LO7 Katrina is the sole owner of rental real estate that produces a net loss of $18,000 in 2009 and $22,000 in 2010 and income of $9,000 in 2011. Her adjusted gross income, before considering the rental property for the years 2009 through 2011, is

$115,000, $137,000, and $88,000, respectively.

a. What is Katrina’s adjusted gross income for 2009, 2010, and 2011 if she qualifies as a real estate professional?

b. What is Katrina’s adjusted gross income for 2009, 2010, and 2011 if she actively participates in the rental activity?

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Concepts In Federal Taxation 2011

ISBN: 9780538467926

18th Edition

Authors: Kevin E. Murphy, Mark Higgins

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Question Posted: Jul 19, 2024 11:00 PM

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LO7 Katrina is the sole owner of rental real estate that produces a net loss of $18,000

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Concepts In Federal Taxation 2011

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