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Updated over 13 years ago,

User Stats

683
Posts
190
Votes
Cheryl C.
  • Investor
  • Reston, VA
190
Votes |
683
Posts

Unusual RE Professional question for you guys

Cheryl C.
  • Investor
  • Reston, VA
Posted

I am a Real Estate Professional per IRS requirements. My husband is a w-2 employee with a real estate company. He also has a 16% ownership interest in a few hotels. He received his k-1's and has a substantial loss in the partnership. We file jointly and take our rental property losses against his income. Can we take his k-1 hotel partnership loss? Does he have to qualify as a RE Professional or is the fact that I do sufficient? I spend no time on his hotels, but he spends 10 hrs per week on the hotels. Any advice? As you might guess, we are doing our 2010 taxes. Also, he is personally liable on the hotel debt.

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