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3 2 ) Michelle is an active participant in the rental condominium property she owns. During the year, the property generates a ( $ 2
Michelle is an active participant in the rental condominium property she owns. During the year, the property generates a $ loss; however, Michelle has sufficient tax basis and atrisk amounts to absorb the loss. If Michelle has $ of salary, $ of longterm capital gains, $ of dividends, and no additional sources of income or deductions, how much loss can Michelle deduct? A $; losses from rental property are passive losses and can only be offset by passive income. B $ C $ D $ E None of the choices are correct.
Michelle is an active participant in the rental condominium property she owns. During the year, the property generates a $ loss; however, Michelle has sufficient tax basis and atrisk amounts to absorb the loss. If Michelle has $ of salary, $ of longterm capital gains, $ of dividends, and no additional sources of income or deductions, how much loss can Michelle deduct?
A $; losses from rental property are passive losses and can only be offset by passive income.
B $
C $
D $
E None of the choices are correct.
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