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Joe Taxpayer has two rentals, A & B. Rental A has a loss of $30,000, rental...

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Finance

  1. Joe Taxpayer has two rentals, A & B. Rental A has a loss of$30,000, rental B has a loss of $20,000. Joe is single and has AGIof $110,000. What are the allowable losses by property and thesuspended losses by property?

  1. Would your answer change for California? How?

  1. What is the Joe’s AGI?

  1. Would your answer change if Joe was married and filing a jointreturn. How?

  1. Would your answer change in number 1 if Joe was a real estateprofessional (federal)? California? How?

Answer & Explanation Solved by verified expert
3.6 Ratings (656 Votes)
Rental Losses are passive losses A suspended loss is not realized in a given tax yearsay 2019 due to passive activity restrictions These are carried forward to be counted in filing against passive income    See Answer
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Transcribed Image Text

Joe Taxpayer has two rentals, A & B. Rental A has a loss of$30,000, rental B has a loss of $20,000. Joe is single and has AGIof $110,000. What are the allowable losses by property and thesuspended losses by property?Would your answer change for California? How?What is the Joe’s AGI?Would your answer change if Joe was married and filing a jointreturn. How?Would your answer change in number 1 if Joe was a real estateprofessional (federal)? California? How?

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