In 2018, Julie, a single individual, reported the following items of income and deduction: Salary $166,000 Interest
Question:
In 2018, Julie, a single individual, reported the following items of income and deduction:
Salary $166,000
Interest income 14,000
Long-term capital gain from sales of stock 22,000
Short-term capital losses from sales of stock (17,000)
Loss from a passive rental real estate activity (20,000)
Interest expense on loan to purchase stock (21,000)
Qualified residence interest on residence (12,000)
Charitable contributions ( 8,000)
Property taxes on residence ( 5,000)
Tax return preparation fees ( 2,500)
Unreimbursed employee business expenses (2,000)
Julie owns 100% and is an active participant in the rental real estate activity. What is her taxable income for 2018?
Step by Step Answer:
Federal Taxation 2019 Individuals
ISBN: 9780134739670
32nd Edition
Authors: Timothy J. Rupert, Kenneth E. Anderson