Question: in 2018, Heidi, a single individual, reported the following items of income and deduction: LOADING...(Click the icon to view the items.) LOADING...(Click the icon to

in 2018, Heidi, a single individual, reported the following items of income and deduction: LOADING...(Click the icon to view the items.) LOADING...(Click the icon to view the standard deduction amounts.) Requirement Heidi owns 100% and is an active participant in the rental real estate activity. What is her taxable income for 2018? Begin by determining whether Heidiis entitled to a deduction for rental real estate activities. (Enter "0" if Heidi is not eligible for the deduction.) The deduction for rental real estate losses is $ 0. Now determine the taxable income for 2018.

Begin by calculating the adjusted gross income (AGI).

Salary $166,000

Interest income 14,000

Net long-term capital gain 5,000

Adjusted gross income (AGI) $185,000

Now calculate the itemized deductions.

Property taxes on residence 5000

Mortgage interest 12000

Investment interest expense 21000

Charitable contributions 8000

Total itemized deductions

Salary	$166,000
Interest income	-2,000
Long-term capital gain from sales of stock	-2,000
Short-term capital losses from sales of stock	-2,000
Loss from a passive rental real estate activity	-2,000
Interest expense on loan to purchase stock	-2,000
Qualified residence interest on residence	-2,000
Charitable contributions	-2,000
Property taxes on residence	-2,000
Tax return preparation fees	-2,000
Unreimbursed employee business expenses	-2,000

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