Question
Brandon, a single taxpayer, had a loss of $48,000 from a rental real estate activity (Activity A) in which he actively participated throughout 2019. Brandon
Brandon, a single taxpayer, had a loss of $48,000 from a rental real estate activity (Activity A) in which he actively participated throughout 2019. Brandon also had $27,000 of income from another passive activity (not rental real estate) (Activity B) during 2019. He acquired both investments during 2019 and has no other passive income or losses during 2019. If Brandons adjusted gross income before any passive results are included is $130,000 during 2019, compute his AGI, including passive results for 2019 and the amount of any passive loss carryover to 2020.
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