Question
In 2019, Nancy, a single individual, reported the following items of income and deduction: LOADING... (Click the icon to view the items.) LOADING... (Click the
In
2019,
Nancy,
a single individual, reported the following items of income and deduction:
LOADING...
(Click the icon to view the items.)
LOADING...
(Click the icon to view the standard deduction amounts.)
Requirement
Nancy
owns 100% and is an active participant in the rental real estate activity. What is her taxable income for
2019?
Begin by determining whether
Nancy
is entitled to a deduction for rental real estate activities. (Enter "0" if
Nancy
is not eligible for the deduction.)
| The deduction for rental real estate losses is | $ |
| . |
Now determine the taxable income for
2019.
Begin by calculating the adjusted gross income (AGI).
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| Adjusted gross income (AGI) |
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|---|
Now calculate the itemized deductions.
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| Total itemized deductions |
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|---|---|---|---|
Compute her taxable income for
2019.
| Adjusted gross income (AGI) |
| |
|---|---|---|
| Minus: Deductions from AGI |
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| Taxable income |
| |
Choose from any list or enter any number in the input fields and then continue to the next question.
Data Table
| Salary | $163,000 |
|---|---|
| Interest income | 12,000 |
| Long-term capital gain from sales of stock | 22,000 |
| Short-term capital losses from sales of stock | (15,000) |
| Loss from a passive rental real estate activity | (24,000) |
| Interest expense on loan to purchase stock | (18,000) |
| Qualified residence interest on residence | (14,000) |
| Charitable contributions | (4,500) |
| Property taxes on residence | (3,000) |
| Tax return preparation fees | (2,400) |
| Unreimbursed employee business expenses | (1,500) |
PrintDone
Reference
| Filing Status | |
| Married individuals filing joint returns and surviving spouses | $24,400 |
|---|---|
| Heads of households | $18,350 |
| Unmarried individuals (other than surviving spouses and heads of households) | $12,200 |
| Married individuals filing separate returns | $12,200 |
| Additional standard deduction for the aged and the blind; Individual who is married and surviving spouses | $1,300* |
| Additional standard deduction for the aged and the blind; Individual who is unmarried and not a surviving spouse | $1,650* |
| Taxpayer claimed as dependent on another taxpayers return: Greater of (1) earned income plus $350 or (2) $1,100 | |
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Foreign Investment And Spillovers
Authors: Magnus Blomstrom
1st Edition
1138025976,1317685121
