In 2017, Julie, a single individual, reported the following items of income and deduction: Salary $166,000
Question:
In 2017, 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 2017?
Step by Step Answer:
Federal Taxation 2018 Comprehensive
ISBN: 9780134532387
31st Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson