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In 2018, Robert had the following income and losses from four passive activities: Activity 1 $(20,000) Activity 2 (10,000) Activity 3 (5,000) Activity 4 33,000
In 2018, Robert had the following income and losses from four passive activities:
Activity 1 | $(20,000) |
Activity 2 | (10,000) |
Activity 3 | (5,000) |
Activity 4 | 33,000 |
Activity 4 had $10,000 of passive losses that are carried over from a prior year. Robert also had wages of $110,000.
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How much income or loss does Robert have from the four activities?
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How are the suspended PALs allocated?
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If Activity 1 were sold at an $18,000 gain, what would be the total income or loss from the four activities?
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