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DanielleCPA, CPA
Category: Single Problem
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Experience:  CPA with finance and business expertise
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Lee owns a rental house. The house cost Lee $425,000 in 2003.

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Lee owns a rental house. The house cost Lee $425,000 in 2003. It currently has a mortgage of $310,000, FMV of $450,000 and adjusted basis of $380,000.
A. If Lee has an AGI of $130,000 and has a rental loss of $30,000 for 2013, how much rental loss may be deducted on Lee’s 20X4 tax return, assuming that Lee actively participates in the rental business and has no passive gains?
B. Same as A. except Lee has $11,000 of passive gains.
C. Same as B. except Lee does not actively participate in the rental business.
D. If Lee sells the house for its current FMV, what is Lee’s gain/loss and its character?
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