Elijah owns an apartment complex that he actively manages. Elijah paid $300,000 cash for the apartment complex three years ago. During 2015, the rental activity generated a loss of $30,000. How much of the loss can Elijah deduct in 2015 in both of the following independent cases?
a. Elijah has $80,000 of AGI (salary) before considering the loss generated by the apartment building.
b. Elijah has $120,000 of AGI (salary) before considering the loss generated by the apartment building.

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The Answer of Elijah owns an apartment complex that he actively manages. Elijah paid $300,000 cash for the apartment complex three years ago. During 2015, the rental activity generated a loss of $30,000. How much of the loss can Elijah deduct in 2015 in both of the following independent cases?
a. Elijah has $80,000 of AGI (salary) before considering the loss generated by the apartment building.
b. Elijah has $120,000 of AGI (salary) before considering the loss generated by the apartment building.

Elijah Owns an Apartment Complex That He Actively Manages