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Joe Taxpayer is single and has wages of $110,000, and the following losses from rental properties. a. $(20,000) b. $(30,000) c. $(50,000) What are the

Joe Taxpayer is single and has wages of $110,000, and the following losses from rental properties.

a. $(20,000)

b. $(30,000)

c. $(50,000)

What are the allowed losses and unallowed losses by property for federal purposes?

would your answer change if Joe was a real estate professional?

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