es Jackson invested $190,000 in a passive activity five years ago. On January 1, 2020, his...

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es Jackson invested $190,000 in a passive activity five years ago. On January 1, 2020, his at-risk amount in the activity was $45,000. His share of the income and losses in the activity were $52,000 loss in 2020, $20,000 loss in 2021, and $80,000 gain in 2022. Required: a. How much can Jackson deduct in 2020 and 2021? b. What is his taxable income from the activity in 2022? Keep in mind the at-risk rules as well as the passive loss rules. Complete this question by entering your answers in the tabs below. Required A Required B How much can Jackson deduct in 2020 and 2021? Note: Leave no cells blank - be certain to enter "0" wherever required. Deduction 2020 2021 $ 0 es Jackson invested $190,000 in a passive activity five years ago. On January 1, 2020, his at-risk amount in the activity was $45,000. His share of the income and losses in the activity were $52,000 loss in 2020, $20,000 loss in 2021, and $80,000 gain in 2022. Required: a. How much can Jackson deduct in 2020 and 2021? b. What is his taxable income from the activity in 2022? Keep in mind the at-risk rules as well as the passive loss rules. Complete this question by entering your answers in the tabs below. Required A Required B How much can Jackson deduct in 2020 and 2021? Note: Leave no cells blank - be certain to enter "0" wherever required. Deduction 2020 2021 $ 0

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To determine how much Jackson can deduct in 2020 and 2021 we need to consider the atrisk rules and t... View the full answer