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What amount of rental loss is allowed

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Reference no: EM132425590

Question - Janelle owns an apartment building and incurred a $35,000 rental loss. Janelle has no other passive activities and is not a real estate professional. She actively participates in renting the building. Her income is:

Form W-2 wages $30,000

Schedule C proprietorship 90,000

Schedule E rental loss (35,000)

IRA deduction 2,000

What amount of rental loss is allowed?

Instructions: Explain the rule on rental loss and provide the calculation and answer of your decision.

Reference no: EM132425590

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