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 2019 and $22,000 in 2020 and income of $9,000 in 2021. Her adjusted gross income, before considering the rental property for the years 2019 through 2021, is $115,000, $137,000, and $88,000, respectively.
a. What is Katrina’s adjusted gross income for 2019, 2020, and 2021 if she qualifies as a real estate professional?
b. What is Katrina’s adjusted gross income for 2019, 2020, and 2021 if she actively participates in the rental activity?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Concepts In Federal Taxation 2021
ISBN: 9780357141212
28th Edition
Authors: Kevin E. Murphy, Mark Higgins, Randy Skalberg
Question Posted: