I:9-47 Passive Losses. In 2022, Julie, a single individual, reported the following items of income and deduction:

Question:

I:9-47 Passive Losses. In 2022, Julie, a single individual, reported the following items of income and deduction:

Salary $166,000 Interest income 14,000 Long-term capital gain from sales of stock 22,000 Short-term capital losses from sales of stock (17,000)

Loss from a passive rental real estate activity (20,000)

Interest expense on loan to purchase stock (21,000)

Qualified residence interest on residence (12,000)

Charitable contributions ( 8,000)

Property taxes on residence ( 5,000)

Tax return preparation fees ( 2,500)

Unreimbursed employee business expenses ( 2,000)

Julie owns 100% and is an active participant in the rental real estate activity. What is her taxable income for 2022?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Pearsons Federal Taxation Corporations Partnerships Estates And Trust 2023

ISBN: 9780137730391

36th Edition

Authors: KENNETH E. ANDERSON, DAVID S. HULSE, TIMOTHY J. RUPERT Richard J. Joseph LeAnn Luna

Question Posted: