Business, 18.10.2019 18:10 brookealexis5768

Michelle is an active participant in the rental condominium property she owns. during the year, the property generates a ($15,000) loss; however, michelle has sufficient tax basis and at-risk amounts to absorb the loss. if michelle has $115,000 of salary, $7,000 of long-term capital gains, $3,000 of dividends, and no additional sources of income or deductions, how much loss can michelle deduct?
zero; losses from rental property are passive losses and can only be offset by passive income
$4,000
$11,000
$12,500
none of the choices are correct.

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Michelle is an active participant in the rental condominium property she owns. during the year, the...

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