Lee owns a rental house.
A. If Lee has an AGI of $110,000 and has a rental loss of $35,000 for 20Y1, how much rental loss does Lee’s carryover to 20Y2, assuming that Lee actively participates in the rental business and has no passive gains?
B. Same as A. except Lee has $10,000 of passive gains.
C. Same as B. except Lee does not actively participate in the rental business.