Oliver, a U.S. citizen, worked most of the year at the Brazilian branch of a U.S. company. During the tax year, he received wages of $36,000 and interest income of $200. He offered his condo for rent all year, had a tenant for only six months, and incurred $2,000 in net rental loss.

Oliver paid a property manager to manage the property and make decisions about selecting the tenant, making repairs and expenditures, and setting the rental terms.

How much of Oliver's rental loss can be offset against his gross income?

	All $2,000
	$1,000, since the condo was rented for 6 months
	None of it