Here is a link to Publication 925. Beginning on page 12 is a discussion of "At Risk".
https://www.irs.gov/pub/irs-pdf/p925.pdf
In very general terms, at risk means amount that you paid or you are liable to pay. Amounts that you borrowed and for which you must pay the lender are generally included.
What is generally excluded or can cause limitations to risk are amounts borrowed and your liability is limited in the amounts borrowed. The most common of these are non-recourse loans and/or amounts in a limited partnership, amounts in an LLC, or amounts in corporations.
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