Ask Question
4 November, 13:27

9. Pablo, who is single, has $95,000 of salary, $10,000 of income from a limited partnership, and a $27,000 passive activity loss from a real estate rental activity in which he actively participates. His modified adjusted gross income is $95,000. Of the $27,000 loss, how much is deductible?

+3
Answers (1)
  1. 4 November, 16:42
    0
    Answer: The entire $27,000.

    Explanation:

    This is because the entire loss may be deducted.

    $10,000 - deducted against the passive income from the limited partnership

    $17,000 - which Is rental real estate loss and is deducted against Pablo's salary because he actively participated in the activity.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “9. Pablo, who is single, has $95,000 of salary, $10,000 of income from a limited partnership, and a $27,000 passive activity loss from a ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers