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

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Finance

  1. Ryan Taxpayer has two rentals, A & B.  Rental Ahas a loss of $30,000, rental B has a loss of$20,000.  Ryan is single and has AGI of$110,000.  What are the allowable losses by property andthe suspended losses by property?

Would your answer change forCalifornia?  How?

What is the Ryan’s AGI?

Would your answer change if Ryan wasmarried and filing a joint return. How?

Would your answer change in number 1if Ryan was a real estate professional (federal)? California?How?

Answer & Explanation Solved by verified expert
4.3 Ratings (778 Votes)
suspended loss by property with passive activities like rental property the taxpayer losses are allowed till extend they qualify under 469i under 26 US code the tax payers excess losses are suspended only when the taxpayer has any passive    See Answer
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Ryan Taxpayer has two rentals, A & B.  Rental Ahas a loss of $30,000, rental B has a loss of$20,000.  Ryan is single and has AGI of$110,000.  What are the allowable losses by property andthe suspended losses by property?Would your answer change forCalifornia?  How?What is the Ryan’s AGI?Would your answer change if Ryan wasmarried and filing a joint return. How?Would your answer change in number 1if Ryan was a real estate professional (federal)? California?How?

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