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Paul has $3,000 of prior-year unallowed passive losses from his rental home. He has a...

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Accounting

Paul has $3,000 of prior-year unallowed passive losses from his rental home. He has a gain of $1,000 for 2021. He has taxable wages of $55,000 and $700 gain from a limited partnership in which he does not materially participate. Which is the correct option Paul has regarding his prior-year unallowed losses? Paul can deduct $1,000 of his prior-year unallowed losses. He can deduct the $1,000 against his current-year rental income. He will carry the remaining $2,000 forward. Paul can deduct $700 of his prior-year unallowed losses. He can deduct the $700 against his other passive income. He will carry the remaining $2,300 forward. Paul can deduct $1,700 of his prior-year unallowed losses. He can deduct $1,000 against his current-year rental income and $700 against his other passive income from the limited partnership. He will carry the remaining $1,300 forward. Paul can deduct $3,000 of his prior-year unallowed losses. He can deduct $1,000 against his current-year rental income, $1,300 against his wages, and $700 against his other passive income.

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