Solution-How much of the losses can lucy deduct

How much of the losses can lucy deduct

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Reference no: EM13984493

1.Lucy has AGI of $120,000 before considering losses from some rental real estate she owns (she actively participates). She had the following losses from her rental property:

Rental Property #1 ......... ($22,000)

Rental Property #2 ......... ($ 5,000)

a. How much of the losses can Lucy deduct?

b. If Lucy's AGI before the losses was $90,000, how much of the losses can she deduct?

Reference no: EM13984493

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How much of the losses can lucy deduct

Reference no: EM13984493

Reference no: EM13984493

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