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Updated 4 months ago,
CPA causing confusion on STR rules - HELP!
Looking for advice - purchased first STR 2023 and we qualify for active income based on rule 3 of the material participation test. Current CPA says we can't take losses off of W-2 because W-2 income is greater than 240k. Is there a W-2 limit or is our CPA not knowledgeable on STR tax???