Dorothy acquired a 100% interest in two passive activities: Activity A in January 2015 and Activity B in 2016. Through 2018, Activity A was profitable, but it produced losses of $200,000 in 2019 and $100,000 in 2020. Dorothy has passive activity income from Activity B of $20,000 in 2019 and $40,000 in 2020. After offsetting passive activity income, how much of the net losses may she deduct? If an amount is zero, enter "0". In 2019, Dorothy may deduct of the net passive activity losses and has $ x of passive activity losses suspended. In 2020, Dorothy may deduct $ of the net passive activity losses and has total suspended losses carried forward to 2021 of $
Dorothy acquired a 100% interest in two passive activities: Activity A in January 2015 and Activity B in 2016. Through 2018, Activity A was profitable, but it produced losses of $200,000 in 2019 and $100,000 in 2020. Dorothy has passive activity income from Activity B of $20,000 in 2019 and $40,000 in 2020. After offsetting passive activity income, how much of the net losses may she deduct? If an amount is zero, enter "0". In 2019, Dorothy may deduct of the net passive activity losses and has $ x of passive activity losses suspended. In 2020, Dorothy may deduct $ of the net passive activity losses and has total suspended losses carried forward to 2021 of $
Chapter7: Losses—deductions And Limitations
Section: Chapter Questions
Problem 36P
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT