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What is the maximum deduction allowed for the farm loss

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Reference no: EM132718821

Problem 1: A full time school teacher recognized a $26000 loss in 2020 from his part time farming activities. What is the maximum deduction allowed in 2020 for the farm loss?

Johnny Jobul is self employed and runs his business from his home. He has $200,000 in business income in 2020. During the current year, he has the following costs:

Utilities- $190; Maintenance- $500; Property taxes- $200; Interest on Mortgage- $6000; Repainting and rewiring the work space in home-$1020

  • His home office is 310 square feet. His house is 1000 square feet total. Determine the maximum work space in home deduction that would be available to Mr. Jobul.

Reference no: EM132718821

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