In 2022, Julie, a single individual, reported the following items of income and deduction: Salary..................................................................................................$166,000 Interest income.....................................................................................14,000
Question:
In 2022, 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 2022?
Step by Step Answer:
Pearsons Federal Taxation 2023 Comprehensive
ISBN: 9780137840656
36th Edition
Authors: Timothy J. Rupert, Kenneth E. Anderson, David S Hulse