Question

Mr. Jones has a salary of $75,000 and $5,000 in dividends, for a total adjusted gross income of $80,000. He also has two real estate investments that he acquired this year: (a) a limited partnership with losses of $4,000, and (b) a real estate project in which he actively participates and owns 15%, with his share of losses equal to $15,000. How much of his losses can he deduct from the income on a joint return

Answer 1

Answer:

$15,000

Explanation:

Based on the information given we were told that Mr. Jones have gross income of the amount of $80,000 and he had a real estate project in which he owns 15%, which makes Mr. Jones share of losses to be the amount of $15,000. Based on this we can vividly say that Mr. Jones losses will be the amount of $15,000 which is the amount of money Mr. Jones can deduct from the income on a joint return .