Judy acquired passive Activity A in January 2014 and Activity B in July 2015. Until 2019, Activity A was profitable. Activity A produced a loss of $50,000 in 2019 and a loss of $75,000 in 2020. She has $45,000 passive income from Activity B in 2019, and $35,000 in 2020. After offsetting passive income, how much of the net losses may she deduct?