Question
During the current year, Joshua worked 1,320 hours as a tax consultant and 405 hours as a real estate agent. His one other employee (his
During the current year, Joshua worked 1,320 hours as a tax consultant and 405 hours as a real estate agent. His one other employee (his spouse) worked 308 hours in the real estate business. Joshua earned $25,300 as a tax consultant, and together the couple lost $11,000 in the real estate business.
Required:
How should Joshua treat the loss on his federal income tax return?
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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
