Clifford Johnson has a limited partnership investment and a
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Clifford Johnson has a limited partnership investment and a rental condominium. Clifford actively manages the rental condominium. During 2009, his share of the loss from the limited partnership was $12,000, and his loss from the rental condo was $16,000. Assuming Clifford's modified adjusted gross income is $120,000 for 2009, complete Form 8582.
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Solution Summary
Clifford Johnson has a limited partnership investment and a rental condominium. Clifford actively manages the rental condominium. During 2009, his share of the loss from the limited partnership was $12,000, and his loss from the rental condo was $16,000. Assuming Clifford's modified adjusted gross income is $120,000 for 2009, complete Form 8582.
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You will need a Form 8582, either from your textbook or from the IRS website. Here is a link to one: http://www.irs.gov/pub/irs-pdf/f8582.pdf
Because this is a very short problem, it's really a matter of filling in the correct blanks. I can walk you through it. The first line that we need for this problem is 1b, activities with net loss. Our net loss in this ...
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