Christian, a single taxpayer, acquired a rental house in 2003. The rental house, which Christian actively manages, generated a $15,000 loss in 2016. In addition, Christian owns a limited partnership interest which he acquired in 2008. His share of the partnership loss for 2016 is $10,000. Christian has modified adjusted gross income, before the rental loss and partnership loss, of $134,000.

What is the amount of these losses that Christian may deduct in 2016?

Question

Christian, a single taxpayer, acquired a rental house in 2003. The rental house, which Christian actively manages, generated a $15,000 loss in 2016. In addition, Christian owns a limited partnership interest which he acquired in 2008. His share of the partnership loss for 2016 is $10,000. Christian has modified adjusted gross income, before the rental loss and partnership loss, of $134,000.
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What is the amount of these losses that Christian may deduct in 2016?

Quizplus · Accepted Answer

The Answer of Christian, a single taxpayer, acquired a rental house in 2003. The rental house, which Christian actively manages, generated a $15,000 loss in 2016. In addition, Christian owns a limited partnership interest which he acquired in 2008. His share of the partnership loss for 2016 is $10,000. Christian has modified adjusted gross income, before the rental loss and partnership loss, of $134,000.
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What is the amount of these losses that Christian may deduct in 2016?

Christian, a Single Taxpayer, Acquired a Rental House in 2003