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Walter, a single taxpayer, purchased a limited partnership interest in a tax shelter in 1991....

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Accounting

Walter, a single taxpayer, purchased a limited partnership interest in a tax shelter in 1991. He also acquired a rental house in 2017, which he actively manages. During 2017, Walter's share of the partnership's losses was $16,000, and his rental house generated $33,500 in losses. Walter's modified adjusted gross income before passive losses is $114,000. If an amount is zero, enter "0". a. Calculate the amount of Walter's allowable deduction for rental house activities for 2017. $ Feedback b. Calculate the amount of Walter's allowable deduction for the partnership losses for 2017. $

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