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Lucy has AGI of $141,000 before considering losses from some rental real estate she owns (she actively participates). She had the following losses from
Lucy has AGI of $141,000 before considering losses from some rental real estate she owns (she actively participates). She had the following losses from her rental property: Rental property 1 $ (30,000) (14,000) Rental property 2 Required: a. How much of the losses can Lucy deduct? b. If Lucy's AGI before the losses was $88,000, how much of the losses can she deduct? Complete this question by entering your answers in the tabs below. Required A Required B How much of the losses can Lucy deduct? (Do not round intermediate calculations and round your final answers to nearest whole dollar amount.) Rental property Allowed losses Suspended losses Property 1 Property 2 < Required A Required B >
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