1. What is Kristina's AGI in 2021? 2. What, if any, are Kristina's suspended loss carryforwards by activity? If she does not have any, explain why. 3. Assume Kristina has no deductions For AGI, no qualified business income, and takes the standard deduction; what is her federal income tax liability for 2021?
During the current year, Kristina, a single taxpayer with no dependents, has a salary of $130,000. She has the following income and (losses) from passive activities in 2021:
Rental House ($28,850)
Restaurant ( 3,900)
Golf Course 7,800
Kristina has suspended loss carryforwards into 2021 of ($2,500) on the rental house and ($11,400) on the restaurant. She has a gain of $6,700 from selling the restaurant in 2021. She actively manages the rental house and is the sole owner.
1. What is Kristina's AGI in 2021?
2. What, if any, are Kristina's suspended loss carryforwards by activity? If she does not have any, explain why.
3. Assume Kristina has no deductions For AGI, no qualified business income, and takes the standard deduction; what is her federal income tax liability for 2021?
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