Multiple Choice
Ilene rents a property for the entire year. During the year, Ilene reported a net loss of $10,400 from the rental. If Ilene is an active participant in the rental and her AGI is $130,000, how much of the loss can she deduct against ordinary income in the year?
A) $10,400.
B) $400.
C) $10,000.
D) $0.
Correct Answer:
Verified
Correct Answer:
Verified
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