Sentences with phrase «losses as a real estate professional»

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

Not exact matches

Taxpayers who qualify as real estate professionals generally have been able to get a bigger tax break for those losses, which could prod some people to try passing as one for tax purposes.

In contrast to part - time landlords, taxpayers who qualify as real estate professionals don't need to treat rental losses as passive.

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).

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.

If your wife is managing things full - time, she can designate as a real estate professional which will help on the taxes, especially the rental losses.