Mort is the sole owner of rental real estate that produces a net loss of $18,000 in
Question:
Mort is the sole owner of rental real estate that produces a net loss of $18,000 in 2010 and $20,000 in 2011 and income of $6,000 in 2012. His adjusted gross income, before considering the rental property for the years 2010 through 2012, is $120,000, $140,000, and $90,000, respectively.
a. What is Mort’s adjusted gross income for 2010, 2011, and 2012 if he qualifies as a real estate professional?
b. What is Mort’s adjusted gross income for 2010, 2011, and 2012 if he actively participates in the rental activity?
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a As a real estate professional the rental activity is not passive and Mort can deduct the 2010 and ...View the full answer
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Gabriela Rosalía Castro
I have worked with very different types of students, from little kids to bussines men and women. I have thaught at universities, schools, but mostly in private sessions for specialized purpuses. Sometimes I tutored kids that needed help with their classes at school, some others were high school or college students that needed to prepare for an exam to study abroud. Currently I'm teaching bussiness English for people in bussiness positions that want to improve their skills, and preparing and ex-student to pass a standarized test to study in the UK.
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Related Book For 
Concepts In Federal Taxation
ISBN: 9780324379556
19th Edition
Authors: Kevin E. Murphy, Mark Higgins, Tonya K. Flesher
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