Walter, a single taxpayer, purchased a limited partnership interest in a tax shelter in 1996. He also acquired a rental house in 2023, which he ctively manages. During 2023, Walter's share of the partnership's losses was $22,000, and his rental house generated $33,500 in losses. Walter's modified adjusted gross income before passive losses is $129,000. an amount is zero, enter "0." . Calculate the amount of Walter's allowable loss for rental house activities for 2023. 10,500 Feedback Check My Work . Calculate the amount of Walter's allowable loss for the partnership activities for 2023. 22.000
Walter, a single taxpayer, purchased a limited partnership interest in a tax shelter in 1996. He also acquired a rental house in 2023, which he ctively manages. During 2023, Walter's share of the partnership's losses was $22,000, and his rental house generated $33,500 in losses. Walter's modified adjusted gross income before passive losses is $129,000. an amount is zero, enter "0." . Calculate the amount of Walter's allowable loss for rental house activities for 2023. 10,500 Feedback Check My Work . Calculate the amount of Walter's allowable loss for the partnership activities for 2023. 22.000
Chapter11: Investor Losses
Section: Chapter Questions
Problem 43P: LO.3 Sarah has investments in four passive activity partnerships purchased several years ago. Last...
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Transcribed Image Text:Problem 4-14 (Algorithmic)
Passive Loss Limitations (LO 4.8)
Walter, a single taxpayer, purchased a limited partnership interest in a tax shelter in 1996. He also acquired a rental house in 2023, which he
actively manages. During 2023, Walter's share of the partnership's losses was $22,000, and his rental house generated $33,500 in losses.
Walter's modified adjusted gross income before passive losses is $129,000.
If an amount is zero, enter "0."
a. Calculate the amount of Walter's allowable loss for rental house activities for 2023.
10,500
Feedback
Check My Work
b. Calculate the amount of Walter's allowable loss for the partnership activities for 2023.
22,000 X
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