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In 2018, Devonte had a negative AGI of $28,5000 and itemized deductions of $12335 reported on...

In 2018, Devonte had a negative AGI of $28,5000 and itemized deductions of $12335 reported on his Form 1040. His total nonbusiness income reported on his Form 1040 is $1250. His only adjustment to income is $4000.00 alimony paid, and his itemized deductions consist of property taxes $1080, real estate tax of $2,505 and mortgage interest of $8750. Connor Devonte 2018 NOL.

$15,085
$25,750
$31,250
$40,835

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Answer #1

Negative AGI ($285000)

Eligible itemized Deduction

Mortgage Interest ( $8750)

Expenses Allowed

Alimony Paid   ($4000)

Non Business Income $1250

Net Operating Loss (NOL) $296500

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