material participation
Real Estate Professional and Material Participation
Posted July 21st, 2008 by Diane Kennedy
I absolutely love getting the chance to interact directly with my TaxLoopholes clients (and some Diane’s Mastermind clients and my tax firm, Diane Kennedy’s Tax Services clients) when there are new tax issues happening.
And that’s exactly what happened this past weekend. We spent a lot of time going over the Real Estate Professional audits and the distinctions that the IRS is making. There is a lot of confusion among tax professionals as well on this one.
There are TWO requirements to taking the real estate passive loss deduction against other income if your income is over $150K:
