The IRS started challenging the real estate professional status over two years ago. Since then, we’ve seen a lot of audits, unfavorable audit results and a few court cases.
The real estate professional status allows taxpayers to take full advantage of real estate losses against other income. Without that, your loss is limited if you make less than $150,000 and you can’t take any loss if you make more than $150,000.
No wonder the IRS is after this status!
16 January 2010
If you haven’t yet checked out the coaching schedule at USTaxAid, take a second to do it here: http://www.usataxaid.com/coaching/ We’ve had a record number of people sign up for the coaching classes and are getting rave reviews. Our next session is January 22nd on C Corporation Tricks and Traps. When you sign up, you get copies [...]
25 January 2010
Every week I do FREE! tax reviews of past tax returns. In many cases, I find easy solutions that would have saved the taxpayer tens of thousands of dollars in taxes each and every year. In a few cases, I can’t find anything and I’m the first one to say that. I never want to [...]
03 September 2010
The tax return doors have burst wide open, with folks rushing to catch the Sept 15th deadline for partnerships and S Corp returns (and C Corp returns, if you have a 3/15 year-end). This is also the time of year that many new business owners start to get letters from the IRS saying (more or [...]
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