Question
In the current year, Frank (who is not a real estate professional) invested $25,000 for a 1/4 interest in a real estate rental partnership where
In the current year, Frank (who is not a real estate professional) invested $25,000 for a 1/4 interest in a real estate rental partnership where he was a general partner and a material participant. Frank’s AGI was $125,000 and his allocated loss from the real estate activity was $30,000. Frank has no passive income this year.
What is Frank’s deductible loss on his federal tax return from the above transaction for the current year?
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
