Question
Dadjiana, who has AGI of $54,000 before considering rental activities, is active in three separate real estate rental activities and is in the 22% tax
Dadjiana, who has AGI of $54,000 before considering rental activities, is active in three separate real estate rental activities and is in the 22% tax bracket. She has $4,500 income from Activity A, $9,000 of losses from Activity B, and losses of $8,700 from Activity C. She also has $3,000 of tax credits from Activity C.
Calculate her deductions and credits allowed and the suspended losses and credits. If an amount is zero, enter "0".
a. Dadjiana's deductions (her utilized loss) total $fill in the blank 1.
b. Her suspended loss is $fill in the blank 2.
c. After deducting the loss, Dadjiana has available a deduction equivalent of $fill in the blank 3.
d. Her utilized credit is $fill in the blank 4, and her suspended credit is $
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started