In 2018, Julie, a single individual, reported the following items of income and deduction: Salary $166,000 Interest

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In 2018, Julie, a single individual, reported the following items of income and deduction:

Salary                                                                                  $166,000
Interest income                                                                     14,000
Long-term capital gain from sales of stock                      22,000
Short-term capital losses from sales of stock               (17,000)
Loss from a passive rental real estate activity               (20,000)
Interest expense on loan to purchase stock                  (21,000)
Qualified residence interest on residence                     (12,000)
Charitable contributions                                                    ( 8,000)
Property taxes on residence                                             ( 5,000)
Tax return preparation fees                                             ( 2,500)
Unreimbursed employee business expenses               (2,000) 


Julie owns 100% and is an active participant in the rental real estate activity. What is her taxable income for 2018?

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Related Book For  answer-question

Federal Taxation 2019 Individuals

ISBN: 9780134739670

32nd Edition

Authors: Timothy J. Rupert, Kenneth E. Anderson

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