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?
Step by Step Answer:
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