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In 2019, Kate, A single taxpayer, has $70,000 in wages $15,000 income from a limited partnership, a $26,000 loss from a rental real estate activities
In 2019, Kate, A single taxpayer, has $70,000 in wages $15,000 income from a limited partnership, a $26,000 loss from a rental real estate activities in which she actively participated, and is not subject to the modified adjusted gross income(MAGI) phase out rule. She can use $15,000 of her $26,000 loss to offset her $15,000 passive income from the partnership. She actively participated in her rental real estate activities, so she can use what amount to offset her non-passive income(wages)
In 2019, Kate, a single taxpayer, has $70,000 in wages, $15,000 income from a limited partnership, a $26,000 loss from rental real estate activities in which she actively participated, and is not subject to the modified adjusted gross income (MAGI) phase-out rule. She can use $15,000 of her $26,000 loss to offset her $15,000 passive income from the partnership. She actively participated in her rental real estate activities, so she can use what amount to offset her nonpassive Income (wages)? A. 50 OB $5,500 OC. $10,000 OD. $11,000 Step by Step Solution
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