In 2018, Julie, a single individual, reported the following items of income and deduction: Julie owns 100%
Question:
In 2018, Julie, a single individual, reported the following items of income and deduction:
Julie owns 100% and is an active participant in the rental real estate activity. What is her taxable income for 2018?
Transcribed Image Text:
Salary Interest income $166,000 14,000 22,000 (17,000) (20,000) (21,000) (12,000) ( 8,000) ( 5,000) ( 2,500) ( 2,000) Long-term capital gain from sales of stock Short-term capital losses from sales of stock Loss from a passive rental real estate activity Interest expense on loan to purchase stock Qualified residence interest on residence Charitable contributions Property taxes on residence Tax return preparation fees Unreimbursed employee business expenses
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Julies 2018 taxable income is 146000 computed as follows The first step is to compute AGI This step ...View the full answer
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Related Book For
Federal Taxation 2019 Comprehensive
ISBN: 9780134833194
32nd Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
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