Lucy has AGI of $133,000 before considering losses from some rental real estate she owns (she actively participates). She had the following losses from her rental property: Rental property 1 Rental property 2 Required: a. How much of the losses can Lucy deduct? b. If Lucy's AGI before the losses was $76,000, how much of the losses can she deduct? $ (28,000) (12,000) Complete this question by entering your answers in the tabs below. Required A Required B How much of the losses can Lucy deduct? Note: Do not round intermediate calculations and round your final answers to nearest whole dollar amount. Suspended losses Rental property Property 1 Property 2 Allowed losses
Lucy has AGI of $133,000 before considering losses from some rental real estate she owns (she actively participates). She had the following losses from her rental property: Rental property 1 Rental property 2 Required: a. How much of the losses can Lucy deduct? b. If Lucy's AGI before the losses was $76,000, how much of the losses can she deduct? $ (28,000) (12,000) Complete this question by entering your answers in the tabs below. Required A Required B How much of the losses can Lucy deduct? Note: Do not round intermediate calculations and round your final answers to nearest whole dollar amount. Suspended losses Rental property Property 1 Property 2 Allowed losses
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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M.14.
Transcribed Image Text:Lucy has AGI of $133,000 before considering losses from some rental real estate she owns (she actively participates). She had the
following losses from her rental property:
Rental property 1
Rental property 2
Required:
a. How much of the losses can Lucy deduct?
b. If Lucy's AGI before the losses was $76,000, how much of the losses can she deduct?
$ (28,000)
(12,000)
Complete this question by entering your answers in the tabs below.
Required A Required B
How much of the losses can Lucy deduct?
Note: Do not round intermediate calculations and round your final answers to nearest whole dollar amount.
Allowed losses
Suspended losses
Rental property
Property 1
Property 2
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