Business, 20.08.2021 01:00 cheetah810
Jackson invested $224,000 in a passive activity five years ago. On January 1, 2017, his at-risk amount in the activity was $53,500. His share of the income and losses in the activity were $63,050 loss in 2017, $25,950 loss in 2018, and $92,750 gain in 2019. How much can Jackson deduct in 2017 and 2018? What is his taxable income from the activity in 2019? Keep in mind the at-risk rules as well as the passive loss rules.
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Jackson invested $224,000 in a passive activity five years ago. On January 1, 2017, his at-risk amou...
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