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Jiu has $105,000 of losses from a real estate rental activity in which she actively participates. She has other rental income of $25,000 and other passive activity income of $32,000. Her AGI before considering these items of income and loss is $95,000.Does she have any suspended losses to carry over? Explain.

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Answer:

Please see the explanation below.

Explanation:

Losses deductible against active portfolio = $25,000

bNet rental loss= 105000-25000 = $ 80,000

Amount absorbed by passive income = $32000

Amount absorbed by active portfolio= $25000

Suspended losses that she can caryy forward = $80,000-32,000- 25,000 = $23,000

Step up in basis = $170,000 - $160,000 = $10,000

Suspended loss= $16,000

Deduction allowed = $16000- $10,000 = $6000

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