Tax MCQ Personal Income Tax Chapter 14 Ilene rents her second home. During 2015, Ilene reported a net loss of $15,000 from the rental. If Ilene is an active participant in the rental and her AGI is $140,000, how much of the loss can she deduct against ordinary income in 2015?

Ilene rents her second home. During 2015, Ilene reported a net loss of $15,000 from the rental. If Ilene is an active participant in the rental and her AGI is $140,000, how much of the loss can she deduct against ordinary income in 2015?

Personal Income Tax Chapter 14

Ilene rents her second home. During 2015, Ilene reported a net loss of $15,000 from the rental. If Ilene is an active participant in the rental and her AGI is $140,000, how much of the loss can she deduct against ordinary income in 2015?

A. $15,000

B. $10,000

C. $5,000

D. $0

Answer: C

Tax MCQ

Ilene rents her second home. During 2015, Ilene reported a net loss of $15,000 from the rental. If Ilene is an active participant in the rental and her AGI is $140,000, how much of the loss can she deduct against ordinary income in 2015?

Ilene rents her second home. During 2015, Ilene reported a net loss of $15,000 from the rental. If Ilene is an active participant in the rental and her AGI is $140,000, how much of the loss can she deduct against ordinary income in 2015?

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