Passive Activity Losses (5) Flashcards
1
Q
an individual’s suspended passive activity losses
A
not deductible in the current year can only be carried forward.
2
Q
Taxpayers who actively participate in the rental of residential real estate may deduct losses to arrive at AGI up to an annual limit of:
A
$25,000
3
Q
Taxpayers who actively participate in the rental of residential real estate may deduct losses to arrive at AGI up to an annual limit of:
A
10% of the property
4
Q
losses from passive activities may only be used to offset income from
A
passive activities.
5
Q
Rules limiting passive activity losses apply to:
A
personal service corporations.
6
Q
Passive loss rules apply to
A
individuals, estates, trusts, personal service corporations, and certain closely held corporations
