Michelle is an active participant in the rental condominium property she owns. During the year, the property generates a ($23.500) loss, however, Michelle has sufficient tax basis and at-risk amounts to absorb the loss. If Michelle has $132,000 of salary. $11,700 of long-term capital gains, $4,700 of dividends, and no additional sources of income or deductions, how much loss can Michelle deduct Multiple Choice ero, losses from rental property are passive losses and can only be offset by passive Income $22,70 $23,500 one of the choices are correct