Walter allowable deduction for rental house activities

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Reference no: EM132210610

Passive Loss Limitations

Walter, a single taxpayer, purchased a limited partnership interest in a tax shelter in 1991. He also acquired a rental house in 2017, which he actively manages. During 2017, Walter's share of the partnership's losses was $11,500, and his rental house generated $41,000 in losses. Walter's modified adjusted gross income before passive losses is $112,500.

If an amount is zero, enter "0".

a. Calculate the amount of Walter's allowable deduction for rental house activities for 2017. $

b. Calculate the amount of Walter's allowable deduction for the partnership losses for 2017. $

Reference no: EM132210610

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