Determining the taxable income

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Reference no: EM13126416

Passive Losses. In 2010, Julie, a single individual, reported the following items of income and deduction:

Salary $166,000
Interest income $14,000
Long-term capital gain from sales of stock $22,000
Short-term capital losses from sales of stock ($17,000)
Loss from a passive rental real estate activity ($20,000)
Interest expense on loan to purchase stock ($21,000)
Qualified residence interest on residence ($12,000)
Charitable contributions ($8,000)
Property taxes on residence ($5,000)
Tax return preparation fees ($2,500)
Unreimbursed employee business expenses ($2,000)

Julie owns 100% and is an active participant in the rental real estate activity.

What is Julies taxable income in 2010?

Reference no: EM13126416

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