In the current year, Lucile, who has AGI of $70,000 before considering rental activities, is active in three separate real estate rental activities and is in the 28% tax bracket.She had $15,000 of losses from Activity A, $25,000 of losses from Activity B, and income of $20,000 from Activity
A.Calculate her deductions and credits currently allowed and the suspended losses and credits.
C.She also had $3,100 of tax credits from Activity

Question

Quizplus · Accepted Answer

The Answer of In the current year, Lucile, who has AGI of $70,000 before considering rental activities, is active in three separate real estate rental activities and is in the 28% tax bracket.She had $15,000 of losses from Activity A, $25,000 of losses from Activity B, and income of $20,000 from Activity
A.Calculate her deductions and credits currently allowed and the suspended losses and credits.
C.She also had $3,100 of tax credits from Activity

In the Current Year, Lucile, Who Has AGI of $70,000