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If an individual actively participates in the management of a rental property he may deduct the full amount of the passive activity losses from active income regardless of his adjusted gross income

If an individual actively participates in the management of a rental property, he may deduct the full amount of the passive activity losses from active income, regardless of his adjusted gross income. T/F

Property held as a personal residence cannot be depreciated. T/F

The deductibility of depreciation to calculate taxable income will usually cause the effective tax rate to be lower than the actual tax rate. T/F

When the sale of a passive activity produces a capital loss and unused passive losses from previous years remain, the unused losses can be used to offset any other source of income. T/F

 

May 21 2020 View more View Less

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