Suspended passive losses (tax question)?
I need some help understanding how to calculate suspended passive losses. Here is the question I am having trouble with:
At the beginning of the year, Amber has a carryover of unused losses in the amount of $1,250 under at-risk rules and $2,000 under passive loss rules. In the current year, Amber has no gain or loss from her passive activity, however she contributes $6,000 to the passive activity. She has no other passive income for the year. What are her suspended passive losses at year-end?
Any help is greatly appreciated! Thanks in advance :)
- cynic47Lv 61 month ago
Sounds like what you're really "having trouble with" is doing your own homework. This is NOT a homework forum.