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Updated over 8 years ago on .
Some Tax related questions
Ok so I just listened to Brandon Hall's podcast on show 196 and it was amazing. Go listen to it. I have a ton of questions from it but here are one or two.
1. What is a passive loss?
2. There was a section about S Corp declarations and making use of the status proactively if you hit a predetermined income threshold. I was wondering if it was possible to convert my sole prop to an scorp llc and start taking advantage of tax benefits from the beginning of the year?
3. As a carpenter / GC, can I call myself a real estate professional if I am working on flipping homes primarily? Of course, not knowing what a passive loss is, I'm not sure why it would matter to me :)
Blessings all,
Chris