What is the difference between passive and nonpassive income and loss?
I am filing my taxes, and have a schedule E to fill out, and it has a section about passive and nonpassive income and loss from my schedule k-1. I don’t know what the difference is between passive and nonpassive in this context.
What is the tax difference between w2 income and passive income from real estate?
From my understanding if I make 100k as a single person, I pay 28% federal tax, plus state, plus medicare etc with a W2. What about if I make 100k in passive income from several real estate properties. How much taxes will I pay? What is the difference?
Thank you! Basically, what is the percentage difference [...]