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What amount of rental loss can Noah use

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Problem - Noah Yobs, who has $62,000 of AGI (solely from wages) before considering rental activities, has $70,000 of losses from a real estate rental activity in which he actively participates. He also actively participates in another real estate rental activity from which he has $33,000 of income. He has other passive activity income of $20,000.

Required -

a. What amount of rental loss can Noah use to offset active or portfolio income in the current year?

b. Compute Noah's AGI on Form 1040 [pages 1 and 2; also complete Schedule 1 (Form 1040)] for the current year. His Social Security number is 123-45-6789.

Reference no: EM132658404

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