Ember engaged in three activities during the year. First, she spent 680 hours during the year acting as a real estate broker and earned $46,000 in this business. Second, she spent 720 hours during the year teaching piano and earned $13,000 in this business. Third, she spent 120 hours during the year in connection with a rental property she owns. The only other person involved with the rental property is a property manager who spent 80 hours in connection with it. The rental property generated a net loss of $20,000. She had no "for AGI" deductions. What is Ember's adjusted gross income (AGI) for the year.
Ember engaged in three activities during the year. First, she spent 680 hours during the year acting as a real estate broker and earned $46,000 in this business. Second, she spent 720 hours during the year teaching piano and earned $13,000 in this business. Third, she spent 120 hours during the year in connection with a rental property she owns. The only other person involved with the rental property is a property manager who spent 80 hours in connection with it. The rental property generated a net loss of $20,000. She had no "for AGI" deductions. What is Ember's adjusted gross income (AGI) for the year.
Chapter6: Deductions And Losses: In General
Section: Chapter Questions
Problem 47P
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT