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How much of the loss can she deduct against ordinary income

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Reference no: EM132990287

Problem 1: Ilene rents her second home. During the year, Ilene reported a net loss of $17,900 from the rental. If Ilene is an active participant in the rental and her AGI is $140,500, how much of the loss can she deduct against ordinary income in the year?

Option 1: $17,900.
Option 2: $13,150.
Option 3: $4,750.
Option 4: $0.

Reference no: EM132990287

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