Question
During the current year, Kristina, a single taxpayer with no dependents, has a salary of $130,000. She has the following income and (losses) from passive
During the current year, Kristina, a single taxpayer with no dependents, has a salary of $130,000. She has the following income and (losses) from passive activities in 2021: Rental House ($28,850) Restaurant ( 3,900) Golf Course 7,800 Kristina has suspended loss carryforwards into 2021 of ($2,500) on the rental house and ($11,400) on the restaurant. She has a gain of $6,700 from selling the restaurant in 2021. She actively manages the rental house and is the sole owner. Answer the following questions. Show and label your work! No calculations = No credit. 1. What is Kristina's AGI in 2021? 2. What, if any, are Kristina's suspended loss carryforwards by activity? If she does not have any, explain why. Optional Extra Credit (5 points): Assume Kristina has no deductions For AGI, no qualified business income, and takes the standard deduction; what is her federal income tax liability for 2021?
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