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How much is he allowed to claim on his tax return

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Question - Norm is a real estate professional with a real estate trade or business as defined in the tax law. He has $80,000 of business income and $40,000 of losses from actively managed real estate rentals. How much of the $40,000 in losses is he allowed to claim on his tax return?

a. $40,000

b. $25,000

c. $20,000

d. None

Reference no: EM133027279

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