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Chapter 8 Spreadsheeet for Students Filled out

Chapter 8 Spreadsheeet for Students Filled out - 39-22,000...

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39-- 22,000 - 89,000 = 67,000 Section 1244 Loss a. b. c. d. 42-- Passive Activities Activity X Activity Y Activity Z Total Passive Salary Activity X Activity Y AGI Suspended losses from Act. Y of 15,000 and from Act. Z of 15,000 43-- Activity Z Total Act. Z fully deductible Passive Act. Act. X Act. Y Total Passive Salary Act. Z Total Passive AGI 44-- Passive Act. Act. X 10,000 Act. Y -30,000 Act. Z -20,000 Total Passive -40,000 Rental Activities - Active Participation can have a 25,000 loss Phase out 130,000 -100,000 30,000 x 50% 15,000Phased Out 25,000 - 15,000 (the phased out portion) = 10,000 Deductible loss Salary 130,000 Act. X 10,000 Act. Y -10,000 Act. Y -10,000 limitation of 25,000 due to phase out 120,000 30,000 suspended loss (40,000 10,000) 47-- Passive loss of 20,000 but has active participation Salary 166,000 Int. Income 14,000 Capital Gain 22,000 Capital Losses -17,000 AGI 185,000 (Passive loss of 20,000 is not deductible because of phase out) rental passive loss 0can deduct 0 because she is above 150,000 ID: Invest. Int. Exp.. -19,000 19,000 Mort. Int. -12,000 Chart. Cont. -8,000 Prop. Tax -5,000 MID: Tax Ret. Prep 2,500 Unreim. 2,000 4,500 2% Floor -3,700 MID: -800 Total ID -44,800 PE -3,700 Taxable Income 136,500 49-- a.
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