Tax Drill- At-Risk and Passive Loss Limitations At the beginning of the year, Amber has...
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Tax Drill- At-Risk and Passive Loss Limitations At the beginning of the year, Amber has a carryover of unused losses in the amount of $1,250 under the at-risk rules and $2,000 under the passive loss rules. In the current year, Amber has no gain or loss from her passive activity, however she contributes $6,000 to the passive activity. She has no other passive income for the year. If an amount is zero, enter "O". At year-end, Amber has the following: Adjusted basis and an at-risk amount in the passive activity: Suspended losses under the at-risk rules Suspended passive losses: 0 Tax Drill- At-Risk and Passive Loss Limitations At the beginning of the year, Amber has a carryover of unused losses in the amount of $1,250 under the at-risk rules and $2,000 under the passive loss rules. In the current year, Amber has no gain or loss from her passive activity, however she contributes $6,000 to the passive activity. She has no other passive income for the year. If an amount is zero, enter "O". At year-end, Amber has the following: Adjusted basis and an at-risk amount in the passive activity: Suspended losses under the at-risk rules Suspended passive losses: 0
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