In: Accounting
Nathan has $62,000 of AGI (solely from wages) before considering rental activities, has $70,000 of losses from a real estate rental activity in which he actively participates. He also actively participates in another real estate rental activity from which he has $33,000 of income. He has other passive activity income of $20,000
A. What amount of rental loss can Nathan use to offset active or portfolio income in the current year?
B. Compute Nathan's AGI on the Form 1040 and also complete the Schedule 1 form
a)
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