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Walter, a single taxpayer, purchased a limited partnership interest in a tax shelter in 1992. He also acquired a rental house in 2018, which he
Walter, a single taxpayer, purchased a limited partnership interest in a tax shelter in 1992. He also acquired a rental house in 2018, which he actively manages. During 2018, Walter's share of the partnership's losses was $13,000, and his rental house generated $29,000 in losses. Walter's modified adjusted gross income before passive losses is $112,500.
If an amount is zero, enter "0".
a.Calculate the amount of Walter's allowable deduction for rental house activities for 2018.
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