Question

Thelma works at a liquor store in 2017 and makes $44,000. she also has dividend income of $12,000 and interest income of $1,000. she owns a beach house that gives her $11,000 in net rental income and she owns a stake in a limited partnership that generates a $15,000 loss. what is her adjusted gross income in 2017?

Answer 1

The answer is "$57,000".

Thelma works at a liquor store in 2017 and makes = $44,000
dividend income = $12,000
interest income = $1,000
she owns a beach house that gives her $11,000 in net rental income
she owns a stake in a limited partnership that generates a $15,000 loss

This is how we calculate her adjusted gross income in 2017;
$44,000 + $12,000 + $1,000 + $11,000 - $11,000 (partnership loss limited to rental income)= $68,000 - $11,000
= $57,000