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Author Question: Joy reports the following income and loss: Activities A, B, and C are all passive activities. Based ... (Read 92 times)

Collmarie

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Question 1

Joseph has AGI of $170,000 before considering the $20,000 rental loss for property which he actively manages. How much of the rental loss can he deduct?
◦ $0
◦ $10,000
◦ $20,000
◦ $25,000

Question 2

Joy reports the following income and loss:



Activities A, B, and C are all passive activities.
Based on this information, Joy has
◦ adjusted gross income of $90,000.
◦ salary of $120,000 and deductible net losses of $30,000.
◦ salary of $120,000 and net passive losses of $30,000 that will be carried over.
◦ salary of $120,000, passive income of $60,000, and passive loss carryovers of $90,000.


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Marked as best answer by Collmarie on Sep 13, 2020

Viet Thy

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Collmarie

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Reply 2 on: Sep 13, 2020
Excellent


kjohnson

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Reply 3 on: Yesterday
Great answer, keep it coming :)

 

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