Katrina is the sole owner of rental real estate that produces a net loss of $18,000 in
Question:
Katrina is the sole owner of rental real estate that produces a net loss of $18,000 in 2020 and $22,000 in 2021 and income of $9,000 in 2022. Her adjusted gross income, before considering the rental property for the years 2020 through 2022, is $115,000, $137,000, and $88,000, respectively.
a. What is Katrina's adjusted gross income for 2020, 2021, and 2022 if she qualifies as a real estate professional?
b. What is Katrina's adjusted gross income for 2020, 2021, and 2022 if she actively participates in the rental activity?
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a As a real estate professional the rental activity is not passive and Katrina can deduct the 2020 a...View the full answer
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Related Book For 
Concepts In Federal Taxation 2022
ISBN: 9780357515785
29th Edition
Authors: Kevin E. Murphy, Mark Higgins, Tonya K. Flesher
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