How much will peter be able to deduct in 2019

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Question

Peter is a CPA and invests in real estate. He currently owns two properties that are owned in two separate LLCs. Peter works approximately 3,000 hours annually as a CPA and earns $300,000 annually. He works 300 hours in his real estate business. He is estimating he will lose approximately $30,000 from the real estate operations.

How much will Peter be able to deduct in 2019? Will your answer change if Peter losses $30,000 from one property and earns $20,000 from the other?

Reference no: EM132319547

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