Sentences with phrase «claimed real estate losses»

For example, our analysis of these tax returns showed 6 taxpayers claimed real estate losses in excess of $ 100,000.

Not exact matches

You can claim a special loss allowance for rental real estate activities that fall outside the general rule.

In addition to the standard deduction, you may claim deductions for real estate taxes, (net) loss sustained as a result of a Federally Declared Disaster, and taxes on federally - sponsored programs (which may include energy - efficient vehicle purchases, appliances, etc.).

Otjen, Gendelman, Zitzer, Johnson & Weir's general liability defense practice encompasses the areas of auto liability (including uninsured and underinsured motorist claims), premises liability, products liability, trucking claims, construction accidents and construction defects, fire loss, environmental liability, and toxic torts, as well as the defense of non-medical professional claims (architect and engineer, insurance and real estate agents, and attorneys).

While causes of loss vary, approximately 25 to 40 per cent of real estate - related claims reported to LawPRO each year flow from problems with lawyer - client communication.

This Court has decided that the loss which the respondents sought to establish did not represent the proper measure of damages for a claim arising under the Real Estate Act.

While passive loss rules severely restrict the ability to deduct rental property losses from other nonrental income, real estate professionals can claim an exemption.

A federal court has considered whether a taxpayer has offered sufficient evidence to qualify as a «real estate professional» under the federal Tax Code («Code»), allowing him to claim an unlimited deduction for rental losses.

Based on the time spent by the Fowlers managing their real estate properties and because the Company's activities were related to a real estate business or trade, the Taxpayer claimed that he qualified as a real estate professional under the Code's definition and was exempt from the Code's passive - activity loss requirements.

This is particularly true for real estate pros who own rental property and claim rental losses.

Taxpayers who claim to be real estate professionals are required to document, on the Schedule E, the amount of income or loss earned from all real estate activity for which the taxpayer materially participates.

If you're claiming losses as a real estate professional, documentation of those activities should be preserves as scrutiny increases.

You don't need to be a real estate professional to claim depreciation, only to claim passive losses beyond the threshold that applies to others.

A special compensation fund exists under RESA to protect the public against the loss of trust money; however, the Real Estate Services Regulation limits the maximum amount that may be paid to a single claimant to $ 100,000, and the maximum total amount that may be paid in respect of claims against a single brokerage to $ 500,000.

Changes to section 61 (2) provide that the 2 - year period for making a claim for compensable loss is triggered by certain types of suspensions of the responsible brokerage or by the Real Estate Council or Superintendent publishing a notice that compensable loss may have occurred.

While the Bank of Montreal (BMO) claim of mortgage fraud losses of $ 30 million in Alberta has yet to be proven, Canada's real estate industry is distancing itself from the actions of individuals and companies involved.