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Noah Yobs, age 55, who has $59,800 of AGI (solely from wages) before considering rental activities, has $53,820 of losses from a real estate rental
Noah Yobs, age 55, who has $59,800 of AGI (solely from wages) before considering rental activities, has $53,820 of losses from a real estate rental activity in which he actively participates. He also actively participates in another real estate rental activity from which he has $29,900 of income. He has other passive activity income of $19,136.
Compute Noah's AGI on Form 1040 [page 1; also complete Schedule 1 (Form 1040)] for the current year. Use the minus sign to indicate a loss.
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