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Harvey rents his second home. During the year, Harvey reported a net loss of $46,000...

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Question

Accounting

Harvey rents his second home. During the year, Harvey reported a net loss of $46,000 from the rental. If Harvey is an active participant in the rental and his AGI is $82,400, how much of the loss can he deduct against ordinary income for the year?

Multiple Choice

  • $46,000.

  • $25,000.

  • $10,500.

  • $0.

Answer & Explanation Solved by verified expert
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