In 2020, Tracy, a single individual, reported the following items of income and deduction: (Click the icon to view the items.) (Click the icon to view the standard deduction amounts.) Requirement Tracy owns 100% and is an active participant in the rental real estate activity. What is her taxable income for 2020? Begin by determining whether Tracy is entitled to a deduction for rental real estate activities. (Enter "0" if Tracy is not eligible for the deduction.) The deduction for rental real estate losses is Now determine the taxable income for 2020. Begin by calculating the adjusted gross income (AGI). Data table $ Adjusted gross income (AGI) Now calculate the itemized deductions. Salary Interest income Long-term capital gain from sales of stock Short-term capital losses from sales of stock Loss from a passive rental real estate activity Interest expense on loan to purchase stock Qualified residence interest on residence Charitable contributions Property taxes on residence Tax return preparation fees Unreimbursed employee business expenses 165,000 10,000 23,000 (15,000) (20,000) (16,000) (17,000) (5,000) (5,000) (2,200) (1900) Total itemized deductions M Compute her taxable income for 2020. Adjusted gross income (AGI) Minus: Deductions from AGI Taxable income Print Done In 2020, Tracy, a single individual, reported the following items of income and deduction: (Click the icon to view the items.) (Click the icon to view the standard deduction amounts.) Requirement Tracy owns 100% and is an active participant in the rental real estate activity. What is her taxable income for 2020? Begin by determining whether Tracy is entitled to a deduction for rental real estate activities. (Enter "0" if Tracy is not eligible for the deduction.) The deduction for rental real estate losses is Now determine the taxable income for 2020. Begin by calculating the adjusted gross income (AGI). Data table $ Adjusted gross income (AGI) Now calculate the itemized deductions. Salary Interest income Long-term capital gain from sales of stock Short-term capital losses from sales of stock Loss from a passive rental real estate activity Interest expense on loan to purchase stock Qualified residence interest on residence Charitable contributions Property taxes on residence Tax return preparation fees Unreimbursed employee business expenses 165,000 10,000 23,000 (15,000) (20,000) (16,000) (17,000) (5,000) (5,000) (2,200) (1900) Total itemized deductions M Compute her taxable income for 2020. Adjusted gross income (AGI) Minus: Deductions from AGI Taxable income Print Done