Calculate the amount of Walter allowable loss

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Question - Passive Loss Limitations

Walter, a single taxpayer, purchased a limited partnership interest in a tax shelter in 1993. He also acquired a rental house in 2019, which he actively manages. During 2019, Walter's share of the partnership's losses was $11,500, and his rental house generated $33,500 in losses. Walter's modified adjusted gross income before passive losses is $130,500. If an amount is zero, enter "0". Calculate the amount of Walter's allowable loss for rental house activities for 2019.

Reference no: EM132644908

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