I do not understand this question why it is answer B ,000. Please help.
Tom owns a rental apartment building property. This is the only rental property that Tom owns. He "actively participates" in this rental activity as he collects the rents and performs ordinary and necessary repairs. In 2009, Tom had a loss of ,000 on this renta l activity and had no reportable passive income. His adjusted gross income, without regard to this rental loss, is 60,000. How much of rental loss may Tom deduct on his 2008 return?
I thought you can deduct passive loss up to passive income. Since he has no passive income the answer is 0? Is the book wrong or something when it says the answer is ,000?
Hi Boston. Thank you so much. Just another question. If the taxpayer did not actively participate in rental real estate activity and cannot deduct any of the loss against nonpassive income, right? Dividends and interest are not considered passive income. If they actively participated in activity then they can deduct up to ,000 of loss from nonpassive income ?
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