What amount of the loss can deduct on joint tax return


Rental Real Estate

Response to the following problem:

The Warrens incur a $22,000 loss from rental real estate activities in which they actively participate. The Warrens own more than 10% of the activity. Their only other source of income for the year is $130,000 of wages. What amount of the loss can the Warrens deduct on their joint tax return?

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Taxation: What amount of the loss can deduct on joint tax return
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