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Michelle is an active participant in the rental condominium property she owns. During the year, the property generates a ($18,500) loss however, Michelle has sufficient
Michelle is an active participant in the rental condominium property she owns. During the year, the property generates a ($18,500) loss however, Michelle has sufficient tax basis and at-risk amounts to absorb the loss. If Michelle has $122.000 of salary, S10.700 of long-term capital gains, $3.700 of dividends, and no additional sources of income or deductions, how much loss can Michelle deduct? Multiple Choice $0: losses from rental property are passive losses and can only be offset by passive Income. O $1.700 $6,800. O $18.500 None of the choices are correct
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