Scott received $50,000 in wages in the current year. He also had a $30,000 loss from a rental real estate activity in which he materially participated. Scott worked in the real estate activity for a total of 1,000 hours, which was 60% of his total workload for the year. How much of the $30,000 loss can Scott deduct in the current year?

Answer rating: 100% (QA)

Based on the information provided Scott can deduct a portion of the 30000 loss from the rental real ... View the full answer