1.07 Adjustment "For / To" AGI

Question 1

Hobby losses are only deductible up to the extent of hobby income

Answer 1

The hobby income is included in gross income and the hobby losses are nondeductible personal losses.

Question 2

Are temporary living expenses and meals included in deductible moving expenses? Are moving the household goods and meals included in deductible moving expenses?

Answer 2

NO

YES

Question 3

Losses from rental real estate activities are partially deductible if the taxpayer actively participates in the activities. Up to ________ in losses may be taken against ordinary income for taxpayers with adjusted gross incomes (AGIs) of _________ or less.

Answer 3

$25,000 ; $100,000

Question 4

How much can an individual deduct in net capital losses a year?? And for how long can the remainder of the capital loss be carried forward??

Answer 4

$3,000.00 a year; Indefinitely