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Joe invested $5,000 in partnership A and $30,000 in partnership B.Joe is retired and therefore works only a few hours a month in each partnership.
Joe invested $5,000 in partnership A and $30,000 in partnership B.Joe is retired and therefore works only a few hours a month in each partnership. In addition, Joe has $3,000 of W-2 wage income and $2,000 interest income.His share of partnership A's loss is $7,000 and his share of partnership B's profit is $4,000.
How much income/loss must Joe include from the two partnerships in determining his AGI?
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