Dave Eichoff had adjusted gross income for 2019 of $122,000 before any passive losses or other rental

Question:

Dave Eichoff had adjusted gross income for 2019 of $122,000 before any passive losses or other rental activities. He owned a mountain cabin in Idaho, which he rented for 125 days and which was not used by him at all during the year. The property will experience a net loss of $12,500. He also had a limited partnership interest that was purchased in 1986 and yielded a loss of $22,000. What is Dave's adjusted gross income after considering the passive activity and rental losses?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

CCH Federal Taxation Basic Principles 2020

ISBN: 9780808051787

2020 Edition

Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback

Question Posted: