Charles is married filling jointly taxpayer a CA resident who purchased a rental house in...
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Accounting
Charles is married filling jointly taxpayer a CA resident who purchased a rental house in 2019. He has one spouse that activity manages the rental house. During 2019, Charles had a loss of $14,000 from the rental house.
1) Charles' adjusted gross income for 2019 is $88,000 before the rental loss. What is the amount of Charles' allowable deduction for the rental activity for 2019 on form 1040?
2) What is the amount of Charles' allowable deduction for the rental activity for the year 2019 on their California return?
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