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During the current year Sam Marzella a married taxpayer who files a joint return reports the...

During the current year Sam Marzella a married taxpayer who files a joint return reports the following items of income and loss: AGI consisting of salary income of $100000 and a rantal real estate loss of $15000. Sam actively participates in the rental activity. Determine Sams AGI for the current year.
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Answer #1
Statement showing computation of Sams AGI for the current year
Particulars Amount Amount
Salary income of SAM $100000
(A) Rental real estate exemption of $25000 or actual rental real estate loss of of $15000 whichever is lower $15000
(B) Less: Phase Out [($100000 - $100000) X 0.50] ($0)
Deductible Amount (A - B) ($15000)

AGI
Salary income - Deduction ($100000 - $15000 = $85000)

 $85000
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