Question: During the current year, Johnny, a single individual, has AGI of $ 135,000 before taking into account any passive activity losses. He also actively participates
During the current year, Johnny, a single individual, has AGI of $ 135,000 before taking into account any passive activity losses. He also actively participates and owns 100% of activity A, which is a real estate rental activity. For the year, activity A generates a net loss of $ 6 comma 600 and $ 2, 600 in tax credits. Juan is in the 24% tax bracket. Requirement What is the amount of suspended loss and credit from activity A that must be carried to subsequent years. Suspended losses carried to subsequent years =
Credit carried to subsequent year=
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
