Which of the following apply to the passive activity loss rules?
Deductible passive losses are limited to the passive gains in other passive activities.
Any unused passive losses may be carried forward against future passive gains.
When the passive activity property is disposed of, any unused passive losses can be deducted against passive gains, portfolio, or active income.
Passive loss rules apply only to real estate transactions.
A)
II, III, and IV
B)
II and IV
C)
I and III
D)
I, II, and III