I would like you to elaborate on the above. The correct answer was given.

1. Sam, age 43, and Susan, age 40, are married and file a joint tax return. In 2020, Sam's salary is $150,000 and Susan's salary is $210,000. In 2020, they each make a $6,000 deductible contribution to a Traditional IRA. They purchased a home in 2014 and obtained a $900,000 mortgage. Their home mortgage interest on their personal residence is $47,000 and their property tax on the residence is $12,000. They own a real estate rental property, which they personally manage. The rental property generated a $14,000 loss in 2020. The state income tax they paid in 2020 is $18,000. Neither Sam nor Susan participates in an employer sponsored pension plan. What is their taxable income? Show your calculations and label each item or no credit will be given. CORRECT ANSWER IS $291,000 HINT: PASSIVE LOSS LIMITATION 1. Sam, age 43, and Susan, age 40, are married and file a joint tax return. In 2020, Sam's salary is $150,000 and Susan's salary is $210,000. In 2020, they each make a $6,000 deductible contribution to a Traditional IRA. They purchased a home in 2014 and obtained a $900,000 mortgage. Their home mortgage interest on their personal residence is $47,000 and their property tax on the residence is $12,000. They own a real estate rental property, which they personally manage. The rental property generated a $14,000 loss in 2020. The state income tax they paid in 2020 is $18,000. Neither Sam nor Susan participates in an employer sponsored pension plan. What is their taxable income? Show your calculations and label each item or no credit will be given. CORRECT ANSWER IS $291,000 HINT: PASSIVE LOSS LIMITATION