eBook Print Item Exercise 11-31 (Algorithmic) (LO. 8) Noah Yobs, age 55, who has $76,600 of AGI (solely from wages) before considering rental activities, has $68,940 of losses from a real estate rental activity in which he actively participates. He also actively participates in another real estate rental activity from which he has $38,300 of income. He has other passive activity income of $24,512 a. What amount of rental loss can Noah use to offset active or portfolio income in the current year? 6,128 Feedback Check My Work The passive activity loss limits contain two exceptions related to real estate activities. These exceptions allow all or part of real estate rental losses to offset active or portfolio income even though the activity otherwise is defined as a passive activity. b. Compute Noah's AGI on Form 1040 [page 1, also complete Schedule 1 (Form 1040)] for the current year Use the minus sign to indicate a loss. Form Department of the Treasury-Internal Revenue Service (99) 1040 U.S. Individual Income Tax Return Filing Status Single Your first name and middle initial Noah Last name. Yobs If joint return, spouse's first name and middle initial Last name Check My Work 2021 OMB No. 1545-0074 IRS Use Only Your social security number 123-45-6789 Spouse's social security number Previous Next >