Question 17 Grace owns a condominium in downtown Miami, which she rents out to a tenant for $2,000 per month. This year the maintenance and repair expenses for the condominium totaled $50,000. Assuming that Grace actively participates in the rental activity and her Modified Adjusted Gross Income for the year is $80,000, how much and what type of loss does Grace recognize? a $25,000 ordinary loss and a $1,000 passive activity loss a $26,000 passive activity loss a $26,000 net operating loss a $25,000 hobby loss and a $1,000 passive activity loss 1 pts