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Unformatted text preview: 39-22,000 - 89,000 = 67,000 Section 1244 Lossa. b. c.d.42-Passive ActivitiesActivity XActivity YActivity ZTotal PassiveSalaryActivity XActivity YAGISuspended losses from Act. Y of 15,000 and from Act. Z of 15,00043-Activity ZTotal Act. Zful y deductiblePassive Act.Act. XAct. YTotal PassiveSalaryAct. ZTotal PassiveAGI44-Passive Act.Act. X10,000Act. Y-30,000Act. Z-20,000Total Passive-40,000Rental Activities - Active Participation can have a 25,000 lossPhase out130,000-100,00030,000x 50%15,000Phased Out25,000 - 15,000 (the phased out portion) = 10,000 Deductible lossSalary130,000Act. X10,000Act. Y-10,000Act. Y-10,000limitation of 25,000 due to phase out120,00030,000 suspended loss(40,000 10,000)47-Passive loss of 20,000 but has active participationSalary166,000Int. Income14,000Capital Gain22,000Capital Losses-17,000AGI 185,000(Passive loss of 20,000 is not deductible because of phase out)rental passive loss0can deduct 0 because she is above 150,000ID:Invest. Int. Exp.-19,00019,000Mort. Int.Mort....
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- Spring '10