Michelle is an active participant in the rental condominium property she owns. During the year, the property generates a ($15,000) loss; however, Michelle has sufficient tax basis and at-risk amounts to absorb the loss. If Michelle has $115,000 of salary, $10,000 of long-term capital gains, $3,000 of dividends, and no additional sources of income or deductions, how much loss can Michelle deduct?

		$0; losses from rental property are passive losses and can only be offset by passive income.
		$4,000.
		$11,000.
		$15,000.
		None of the choices are correct.