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This year Robert had the following income and losses from four passive activities: Activity 1$(20,000) Activity 2(10,000) Activity 3(5,000) Activity 433,000 Activity 4 had $10,000
This year Robert had the following income and losses from four passive activities:
Activity 1$(20,000)
Activity 2(10,000)
Activity 3(5,000)
Activity 433,000
Activity 4 had $10,000 of passive losses that are carried over from a prior year. Robert also had wages of $110,000.
Question:
- If Activity 1 were sold at an $18,000 gain, what would be the total income or loss from the four activities?
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