Question

A taxpayer is filing MFS, who lived with their spouse until Jan, 15th, with MAGI of...

A taxpayer is filing MFS, who lived with their spouse until Jan, 15th, with MAGI of $95,000, will be allowed the special allowance for rental real estate of up to: 1. $0. 2. $12500. 3. $25000. 4. the total amount of their rental estate loss.

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Answer #1
  • If the taxpayer actively participated in a passive rental real estate activity, he or she may be able to deduct up to $25,000 of loss from the activity from their non passive income.
  • The special allowance is not available if the taxpayer were married, are filing a separate return for the year, and lived with their spouse at any time during the year.
  • The taxpayer is filing married filing separately, who lived with their spouse until Jan, 15th.
  • Hence, he will not be allowed special allowance for rental real estate.

Answer is 1. $0

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