Jiu has $105,000 of losses from a real estate rental activity in which she actively participates. She has other rental income of $25,000 and other passive activity income of $32,000. Her AGI before considering these items of income and loss is $95,000.?
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Jiu has $105,000 of losses from a real estate rental activity in which she actively participates. She has other rental income of $25,000 and other passive activity income of $32,000. Her AGI before considering these items of income and loss is $95,000.?
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- Noah Yobs, who has $75,400 of AGI (solely from wages) before considering rental activities, has $67,860 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 $37,700 of income. He has other passive activity income of $24,128.a. What amount of rental loss can Noah use to offset active or portfolio income in the current year?$b. Complete Noah's Form 1040 (page 1) for the current year. Use the minus sign to indicate a loss.Xiu-ying sold a residential house held as a capital asset for P1,200,000 to her friend Xoese. The zonal value of the real property is P2,000,000 and the assessed value per tax declaration is P1, 500,000. Compute for the Donor’s tax due.To whom is the income allocated, why, and how much: When Worf’s parent’s died, the made him the beneficiary of a trust which holds real estate as well as income producing assets. Worf distributes one of the rental properties to Alexander outright. Alexander collects the rent from the tenants and manages the properties. In 2011, his revenue less his costs was 50K, and in 2010 his revenue less his costs was 32K.
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- Eve is a physician who earns $400,000 from her practice during the current year. This year, she acquired a passive activity that produces a loss of $150,000. Deductible loss?Review the following scenario. Use the information provided to answer questions about the taxpayer’s 2020 return.Liam Hernandez (38) paid $112,000 for a single-family home on July 1, 2020, and immediately placed it in service as a residential rental property. At the time, the land was valued at $10,000. The property generated $6,000 in rental income for the year. Liam’s only expenses consisted of depreciation, $500 in insurance, and $750 in real estate taxes.Liam is not a real estate professional, but he does actively participate in his rental real estate activity. He did not provide any personal services during the year, although he has notified his tenant that he will make minor repairs to the property as needed. Liam has no other passive income or losses. Question 1 What amount should Liam report for his total rental real estate and royalty income? His partially completed Schedule E, Supplemental Income and Loss, is shown below. You may use the form to assist you in answering this…Your client, age 65, has a gross estate valued at $300,000. His wife, age 58, has a gross estate valued at $150,000 and is financially competent. His objectives are to: leave all property to his wife in as simple a manner as possible; allow his wife to determine the ultimate beneficiaries of all his property; and make maximum use of the unlimited marital deduction. Which one of the following transfers is most appropriate for achieving the client's objectives? A)An estate trust with his wife as beneficiary B)Life income to his wife from a trust funded with the exemption equivalent amount, with the remainder to his designated beneficiaries C)A combination qualified terminable interest property (QTIP) trust and family bypass trust with his wife as income beneficiary D)An outright bequest of the entire estate to his wife