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CengageNOWv2, 1 term Printed Access Card for Hoffman/Young/Raabe/Maloney/Nellen's South-Western Federal Taxation 2018: Individual Income Taxes, 41st
41st Edition
ISBN: 9781337389518
Author: William H. Hoffman, James C. Young, William A. Raabe, David M. Maloney, Annette Nellen
Publisher: Cengage Learning
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Question
Chapter 11, Problem 31CE
a)
To determine
Compute the amount of rental loss can Person N can use to offset active or portfolio income in the current year.
b)
To determine
Compute Person N’s AGI on Form 1040 for the current year.
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Students have asked these similar questions
Noah Yobs, who has $97,000 of AGI (solely from wages) before considering rental activities, has $87,300 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 $48,500 of income. He has other passive activity income of $31,040.
a. What amount of rental loss can Noah use to offset active or portfolio income in the current year?
b. Compute Noah’s AGI on Form 1040 [pages 1 and 2; also complete Schedule 1 (Form 1040)] for the current year. Use the minus sign to indicate a loss.
What amounts should go on lines 1, 6, & 7 on page 2 of FORM 1040?
What amount s go on lines 17, & 22 on schedule one of FORM 1040?
Noah Yobs, who has $75,400 of AGI (solely from wages) before considering rental activities, has $67,860 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 $37,700 of income. He has other passive activity income of $24,128.a. What amount of rental loss can Noah use to offset active or portfolio income in the current year?$b. Complete Noah's Form 1040 (page 1) for the current year. Use the minus sign to indicate a loss.
Noah Yobs, age 55, who has $62,000 of AGI (solely from wages) before considering rental activities, has $70,000 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 $33,000 of income. He has other passive activity income of $20,000.
a. What amount of rental loss can Noah use to offset active or portfolio income in the current year?
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.
Chapter 11 Solutions
CengageNOWv2, 1 term Printed Access Card for Hoffman/Young/Raabe/Maloney/Nellen's South-Western Federal Taxation 2018: Individual Income Taxes, 41st
Ch. 11 - Prob. 1DQCh. 11 - List some events that increase or decrease an...Ch. 11 - Roberto invested 18,000 in a chicken production...Ch. 11 - Prob. 4DQCh. 11 - Carlos owns an interest in an activity that...Ch. 11 - Kim owns an interest in an activity that produces...Ch. 11 - Prob. 7DQCh. 11 - Prob. 8DQCh. 11 - LO.3 Bronze Corporation has 100,000 of active...Ch. 11 - LO.4 Discuss what constitutes a passive activity.
Ch. 11 - Prob. 11DQCh. 11 - LO.5 How many hours must a participant work in a...Ch. 11 - LO.5 Suzanne owns interests in a bagel shop, a...Ch. 11 - Prob. 14DQCh. 11 - Prob. 15DQCh. 11 - LO.5 Some types of work are counted in applying...Ch. 11 - LO.5 Last year Alans accountant informed him that...Ch. 11 - Prob. 18DQCh. 11 - Prob. 19DQCh. 11 - Prob. 20DQCh. 11 - What is a real estate professional? Why could...Ch. 11 - Prob. 22DQCh. 11 - LO.8 Since his college days, Charles has developed...Ch. 11 - LO.8 Brad owns a small townhouse complex that...Ch. 11 - Prob. 25DQCh. 11 - Prob. 26DQCh. 11 - LO.2 In the current year, Ed invests 30,000 in an...Ch. 11 - Prob. 28CECh. 11 - Prob. 29CECh. 11 - LO.7 Rhonda has an adjusted basis and an at-risk...Ch. 11 - Prob. 31CECh. 11 - LO.9 Rose dies with passive activity property...Ch. 11 - Prob. 33CECh. 11 - Prob. 34PCh. 11 - LO.2 In the current year, Bill Parker (54 Oak...Ch. 11 - LO.2, 11 Heather wants to invest 40,000 in a...Ch. 11 - Prob. 37PCh. 11 - Prob. 38PCh. 11 - Prob. 39PCh. 11 - LO.3, 11 Emily has 100,000 that she wants to...Ch. 11 - LO.3 Seojun acquired an activity several years...Ch. 11 - LO.3, 11 Jorge owns two passive investments,...Ch. 11 - LO.3 Sarah has investments in four passive...Ch. 11 - LO.3 Leon sells his interest in a passive activity...Ch. 11 - LO.3 Ash, Inc., a closely held personal service...Ch. 11 - Prob. 46PCh. 11 - LO.2, 3, 7, 11 Kristin Graf (123 Baskerville Mill...Ch. 11 - LO.2, 3, 7, 11 The end of the year is approaching,...Ch. 11 - Prob. 49PCh. 11 - Grace acquired an activity four years ago. The...Ch. 11 - Prob. 51PCh. 11 - Prob. 52PCh. 11 - LO.3, 8 Several years ago Benny Jackson (125 Hill...Ch. 11 - Prob. 54PCh. 11 - Prob. 55PCh. 11 - Prob. 56PCh. 11 - Prob. 57PCh. 11 - Prob. 58PCh. 11 - LO.8 Jiu has 105,000 of losses from a real estate...Ch. 11 - Prob. 60PCh. 11 - LO.9 In the current year, Abe gives an interest in...Ch. 11 - Prob. 62PCh. 11 - Prob. 63PCh. 11 - Prob. 64PCh. 11 - Carol is a successful physician who owns 100% of...Ch. 11 - Prob. 2RPCh. 11 - Prob. 3RPCh. 11 - Prob. 4RPCh. 11 - Which of the following statements regarding...Ch. 11 - Michael owns a rental house that generated a...Ch. 11 - Prob. 3CPACh. 11 - Prob. 4CPA
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- Noah Yobs, age 55, who has $57,400 of AGI (solely from wages) before considering rental activities, has $51,660 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 $28,700 of income. He has other passive activity income of $18,368. a. What amount of rental loss can Noah use to offset active or portfolio income in the current year?$fill in the blank 3ed587f89fd0031_1 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.arrow_forwardMichael owns a rental house that generated a 10,000 loss this year. Michael manages the rental property but does not meet the standards for material participation. Michael is a college professor and has wages of 60,000 and 5,000 in dividend income. How is the 10,000 rental real estate loss treated on Michaels tax return? a. 5,000 of the loss is deductible against the passive dividend income. b. The rental loss is not deductible because Michael does not have any passive income. c. 10,000 loss is not deductible because Michael does not materially participate in the rental activity. d. 10,000 loss is deductible under the rental real estate exception because Michael actively participates in the rental activity.arrow_forwardJohn owns a second home in Palm Springs, CA. During the year, he rented the house for $5,000 for 56 days and used the house for 14 days during the summer. The house remained vacant during the remainder of the year. The expenses for the home included $5,000 in mortgage interest, $850 in property taxes, $900 for utilities and maintenance, and $3,500 of depreciation. What is John's deductible rental loss, before considering the passive loss limitations? $200 $875 $2,500 $3,200 $0arrow_forward
- Lucy has AGI of $125,000 before considering losses from some rental real estate she owns (she actively participates): She had the following losses from her rental property: Rental property i Rental property 2 Required: 5. How much of the 183363 can Lucy deduet? can b. If Lucy's AGI before the losses was $90,000, how much of the losses can she deduct? - Complete this question By EREEFing your answers in the tabs below: An Required A Required B Rental property Property 1 Properly 2 $ (26;000) (10,000) How much of the losses can Lucy deduct? Note: Do not round intermediate calculations and round your final answers to nearest whole dollar a Do not rou Note: Do not found intermediate alculations and to your war auswers wat Suspended losses 69 €9 $ $ Answer is complete but not entirely correct. Allowed losses 10,833 X $ 4,167 $ 15,167 X 5,833arrow_forwardH1. profile-image Carlos owns a property which he has rented. During 2021, the property generated $24,000 in rental income. Carlos incurred the following expenses related to rental operations: • Depreciation $5,000 • Real estate tax 2,000 Utilities (water and electricity) Maintenance 3,000 • Boat expenses which Carlos uses to 1,500 meet clients and sign contracts 5,500 Determine the net income from rental operations that Carlos will include in his individual income tax return. Submit your computations.arrow_forward
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