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How much of loss from rental activity can deduct currently

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Reference no: EM132998272

Pamela spends most of her free time during 2021 managing her investment rental property in Mexico (e.g. maintenance). With all the repairs, during 2021 she reports a net loss of $5000 from the rental activity.

In 2021 she:

1. Received $91000 salary for her job as a financial analyst
2. Received $25000 LT capital gain for sale of stocks held for investment
3. Paid $6000 in interest expense related to the loan for the building

Problem 1: How much of the loss from rental activity can she deduct currently?

Problem 2: What is her passive loss carryforward?

Problem 3: How does this answer change if her net loss from the rental activity was $20,000?

Reference no: EM132998272

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