Amount of real estate rental activity loss was deductible

Assignment Help Financial Accounting

Reference no: EM13905735

Lane, a single taxpayer, received $160,000 in salary, $15,000 in income from an S Corporation in which Lane does not materially participate, and a $35,000 passive loss from a real estate rental activity in which Lane materially participated. Lane's modified adjusted gross income was $165,000. What amount of the real estate rental activity loss was deductible? (Becker CPA Review Course)

$15,000

$25,000

$35,000

Reference no: EM13905735

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