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LUCKY_DIMON [66]
2 years ago
9

Ilene rents a property for the entire year. During the year, Ilene reported a net loss of $15,000 from the rental. If Ilene is a

n active participant in the rental and her AGI is $140,000, how much of the loss can she deduct against ordinary income in the year
Business
1 answer:
Maksim231197 [3]2 years ago
6 0

The loss can she deduct against ordinary income in the year is $5000.

<h3>How to calculate the loss?</h3>

AGI = $140000

Less: Allowable limit = $100000

Excess = $40000

50% of excess = $20000

Less: Net loss = $15000

Loss deduction = $5000

Therefore, the loss can she deduct against ordinary income in the year is $5000.

Learn more about income on:

brainly.com/question/15834358

#SPJ1

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