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Elsie, single, had an AGI of $134,712 in 2020. All of her income was from wages. Elsie owns 100% of a rental house and actively

Elsie, single, had an AGI of $134,712 in 2020. All of her income was from wages. Elsie owns 100% of a rental house and actively participated in the real estate rental activity. The rental house generated a loss of $40,549 in 2020. Elsie has over $100,000 at risk. What amount of the $40,549 loss can Elsie deduct in 2020?

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