Question

Walter, a single taxpayer, purchased a limited partnership interest in a tax shelter in 1985. He also acquired a rental house in 2014, which he actively manages. During 2014, Walter’s share of the partnership’s losses was $30,000, and his rental house generated $20,000 in losses. Walter’s modified adjusted gross income before passive losses is $120,000.
a. Calculate the amount of Walter’s allowable deduction for rental house activities for 2014.
$____________
b. Calculate the amount of Walter’s allowable deduction for the partnership losses for 2014.
$____________
c. What may be done with the unused losses, if anything?
____________________________________________________________________________________________________________________________________________________________


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  • CreatedJuly 16, 2015
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