Reference no: EM132811545
Sam, who is single, has $95,000 of salary, $10,000 of income from a limited partnership, and a $27,000 passive activity loss from a real estate rental activity in which he actively participates. His modified adjusted gross income this year (2020) is $95,000.
Problem A) Of the $27,000 loss, how much is deductible?
Problem B) If Sam's modified adjusted gross income is $165,000, how much of his loss is deductible?
Problem C) Assume that Sam passes away in 2020 and that his basis in the activity is $100,000 and the FMV is $115,000, would he be able to deduct any suspended losses in 2021 if his MAGI had been $95,000 in 2020?
Problem D) How about if his MAGI had been $165,000 in 2020? If so, what would be the amount of his deduction?
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