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How much of the loss can deduct against ordinary income

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Reference no: EM132990286

Problem 1: Harvey rents his second home. During the year, Harvey reported a net loss of $54,500 from the rental. If Harvey is an active participant in the rental and his AGI is $96,000, how much of the loss can he deduct against ordinary income for the year?

Option 1: $54,500.
Option 2: $25,000.
Option 3: $14,750.
Option 4: $0.

Reference no: EM132990286

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