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Real Estate Activities (LO.7) Katrina is the sole owner of rental real estate that produces a net loss of $18,000 in 2017 and $22,000 in
Real Estate Activities (LO.7) Katrina is the sole owner of rental real estate that produces a net loss of $18,000 in 2017 and $22,000 in 2018 and income of $9,000 in 2019. Her adjusted gross income, before considering the rental property for the years 2017 through 2019, is $115,000, $137,000, and $88,000, respectively Refer to Figure 7-3 to answer the following questions. What is Katrina's adjusted gross income for 2017, 2018, and 2019 if she is defined as follows? 2018 2017 2019 a. She qualifies as a real estate professional. b. She actively participates in the rental activity
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