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Calculator Janelle owns an apartment building and incurred a $30,000 rental loss. Janelle has no other passive activities and is not a real estate professional.

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Calculator Janelle owns an apartment building and incurred a $30,000 rental loss. Janelle has no other passive activities and is not a real estate professional. She actively participates in renting the building. Her income is: Form W-2 wages $40,000 Schedule C proprietorship 95,000 Schedule E rental loss (30,000) What amount of rental loss is allowed? And what is her AGI? Answer (please show the detailed calculations for the credits) AGI: 135,000 140,000+95.000)

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