In the current year, Lucile, who is single and has AGI of $90,000 before considering rental...

 

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In the current year, Lucile, who is single and has AGI of $90,000 before considering rental (2pts) activities, is active in three separate real estate rental activities and is in the 22% tax bracket. She had $15,000 of losses from Activity A, $25,000 of losses from Activity B, and income of $20,000 from Activity C. She also had $3,100 of tax credits from Activity A. Calculate her deductions and credits currently allowed and the suspended losses and credits. In the current year, Lucile, who is single and has AGI of $90,000 before considering rental (2pts) activities, is active in three separate real estate rental activities and is in the 22% tax bracket. She had $15,000 of losses from Activity A, $25,000 of losses from Activity B, and income of $20,000 from Activity C. She also had $3,100 of tax credits from Activity A. Calculate her deductions and credits currently allowed and the suspended losses and credits.