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16 November, 06:31

Melinda earns wages of $80,000, income from a limited partnership of $10,000, and a $30,000 passive activity loss from a real estate rental activity in which she actively participates. Her modified adjusted gross income is $80,000. Of the $30,000 loss, Melinda may deduct:

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  1. 16 November, 06:35
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    Melinda may deduct is $30,000

    Explanation:

    given data

    income = $80,000

    limited partnership loss = $10,000

    gross income = $80,000

    loss = $30,000

    solution

    we know that here entire loss will be deducted

    so as $10,000 loss is deducted form income from limited partnership

    and balance is $20,000 from salary income

    because she actively participates in the activity

    so Melinda may deduct is $30,000
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