Ask Question
23 April, 07:04

Helen, a single taxpayer, has modified adjusted gross income (before passive losses) of $126,000. During the tax year, Helen's rental house generated a loss of $15,000. Assuming Helen is actively involved in the management of the property, what is the amount of Helen's passive loss deduction from the rental house?

+3
Answers (1)
  1. 23 April, 09:18
    0
    So Helen can only make a deduction of $12000 from the value.

    Explanation:

    The amount is given as

    The maximum value of phase out allowance is $25000

    The value of loss reduction is calculated for the value of MAGI greater than $100,000 which is $26000 in this case thus the solution is given as

    $25000-50% * $26000

    =$25000-0.5*$26000

    =$25000-$13000

    =$12000
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Helen, a single taxpayer, has modified adjusted gross income (before passive losses) of $126,000. During the tax year, Helen's rental house ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers