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12. How is a net capital loss treated? Include in your answer a discussion of how a net capital loss is treated in relation to other income. --------------------------------------------------------------------- ACC 401 Week 3 DQ 2 Rental Property & Royalties FOR MORE CLASSES VISIT www.acc401assist.com Ch8. 33. Ramone is a tax attorney and he also owns an office building that he rents for $8,500 /month. He is responsible for paying all taxes and expenses relating to the building’s operation and maintenance. Is Ramone engaged in the trade or business of renting real estate? 34. Kelvin owns and lives in a duplex. He rents the other unit for $750 per month. He incurs the following expenses during the current year for the entire property: How are the expenditures treated for tax purposes? On what tax form(s) are these amounts reported?