Question
During the current year, an individual who owns 100% interest in two rental real estate properties reports the following items: Loss from rental estate Property
During the current year, an individual who owns 100% interest in two rental real estate properties reports the following items:
| Loss from rental estate Property A (materially participates and performed 800 hours of service) | ($20,000 | ) | ||||
| Loss from rental real estate Property (actively participates) | ($48,000 | ) | ||||
| Income from limited partnership (no material participation | $12,000 | |||||
| Income from dividends | $15,000 | |||||
What amount of the $68,000 loss may the taxpayer deduct this year?
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
