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Question 72 of 75. Marty is a single taxpayer with modified adjusted gross income of $140,000 and an active participation rental real estate loss of
Question 72 of 75. Marty is a single taxpayer with modified adjusted gross income of $140,000 and an active participation rental real estate loss of $30,000. Assuming he has no other source of passive income, what is his adjusted special loss allowance? $5,000 $15,000 $20,000 $30,000 Mark for follow up Question 73 of 75. Mark for follow up Question 73 of 75. Manuela began renting her entire main home at fair rental value on May 1, 2008. When she converted the house to rental property, the adjusted basis was $205,000, which included $18,000 of value attributable to the land. The fair market value at the time of conversion was $195,000, including land value of $10,000. In 2019, Manuela received $19,200 in rental income from the property. Her expenses for the year included: yard maintenance, $480; repairs, $850: property insurance, $2,520; mortgage interest $8,960; real estate tax, $2,750. What is Manuela's loss on the rental property? O ($3,861)
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