Accounting

During the current year, Maria works 1,200 hours as a computer consultant, 320 hours in her real estate development business, and 400 hours in her real estate rental activities. Larry, her husband, works 250 hours in Maria’s real estate development business and 180 hours in her real estate rental business. Maria earns $60,000 as a computer consultant, but she and Larry lose $18,000 in the real estate development business and $26,000 in the real estate rental business.

How should they treat the losses on their Federal income tax return?

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Bonnie and Adam are married with no dependents and live in New Hampshire (not a community property state). Since Adam has large medical expenses, they seek your advice about filing separately to save taxes. Their income and expenses for 2010 are as follows:

Determine whether Bonnie and Adam should file jointly or separately for 2010.

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