These are just a few of the reasons I hate REG. Who can actually remember all of this arbitrary $hit???
Rental activities are considered passive activities even if the taxpayer materially participates. However, for rental real estate activities, a loss up to $25,000 may be deducted. However, the $25,000 loss must be reduced by half of the adjusted gross income (before the loss) in excess of $100,000.
Noncash contributions are generally deductible at their fair market value. For contributions of appreciated capital gain property, deductions are the lesser of the total fair market value or 30% of AGI for educational organizations. AGI of $80,000 × 0.30 limit = $24,000. The deduction is limited to only $24,000. The unused $1,000 of FMV can be carried forward to the following year.
A portion of a taxpayer's Social Security benefits may be taxable. For single taxpayers with provisional income above $34,000, gross income includes the lesser of:
1.85% of Social Security benefits received or
2.85% of excess of provisional income (defined as modified AGI + 1/2 Social Security benefit) over $34,000, plus the smaller of: ◦the amount includible under the old law (1/2 of Social Security) or $4,500.
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