In 2018, Robert had the following income and losses from four passive activities: Activity 1 $(20,000)...

In 2018, Robert had the following income and losses from four passive activities:

Activity 1	$(20,000)
Activity 2	(10,000)
Activity 3	(5,000)
Activity 4	33,000

Activity 4 had $10,000 of passive losses that are carried over from a prior year. Robert also had wages of $110,000.

How much income or loss does Robert have from the four activities?
How are the suspended PALs allocated?
If Activity 1 were sold at an $18,000 gain, what would be the total income or loss from the four activities?

Expert Solution

ekkarill92 answered 2 years ago

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