r Calcuiator Figure 7-3 eBook Real Estate Activisies (LO. 7) Ivan and Olga own a duplex They collect the rents and make repairs to the property when necessary. That is, they are active participants in the rental property. During the current year, the duplex has gross rents of $16,000 and total allowable deductions of $31,000 Refer to Figure 7-3 to answer the following questions Complete the statements below which outline their allowable loss based on the adjusted gross income provided in each of the following 587,000: van and Oga arealowed to deduct 78,000 x of renta real estate loss. X of rental real estate loss. 78,000 X Their allowable loss is capped at s b. $122,000: Ivan and Olga must adjust their loss when adjusted gross income exceeds cap ofs e $155.00: van and Olga's adjusted gross ncome exceeds the active participation exception VThey have an allowable loss deduction of $ $139,000: Ivan and Olga must reduce their allowed loss by $.50 for every $t of AGI over $100,000 Feedback Check My Work estate, they can deduct some losses If a taxpayer actively participates in rental real Previous Next Check My Work Email Instructor Save and Exit Submit Assignment All work saved