Soroush Akbarzadeh
Cost segregation for STR with a business partner (50/50) - material participation
My business partner and I co-own (50/50) a STR in Hawaii that we both manage on our own. We've completed Cost Study and are working with a CPA. There are some questions that we are having a hard time getting answers t...
Michael Plaks
Syndication losses against active income
Posting my response to a client's question, in order to get my colleagues input on this issue.Q: I have an investor who is actively investing in real estate on their own & have no f/t job. So spending enough time ...
Stephen Sawrie
the "real estate professional" and grouping elections
As always, my apologies for overly basic/simple questions, although I am not sure this one would qualify for either. My apologies also for the length of this post, typos, etc. Anyway, here goes…I am trying to establ...
Troy Burgett
Active vs. Passive Income for Rentals
In the realm of real estate investing, the IRS sets guidelines to differentiate between active and passive participation for tax purposes. Understanding these rules is crucial as they impact how investors can deduct l...
Edward Barnes
tax deductions on rental property
My wife owns a condo about in 2008. I married into this pig (the condo, not my wife) as we filed jointly last year. It loses about $500/mo after everything's said and done. Doing the taxes last year it wouldn't let me...
Carolyn McBride
STR Tax Loophole/Strategy So Close to the End of the Year?
I'm about to go into contract on a property I want to use as an STR. I’ll likely close on the property around early November and it will need small cosmetic updates, maybe a new deck, and of course new furniture set u...
Eric Sato
STRs as a married couple, tax strategy
Hi! My wife and I are hoping to close on a SFH soon with the intent on doing an STR! I have a tax question / real estate professional question.I myself have a W2 job and my wife is a stay-at-home mom (no income). My t...
Julio Gonzalez
Real Estate Professional Status
What is Real Estate Professional Status?
Section 469(c)(7) provides an exception that allows qualifying taxpayers to treat rental real estate activities as nonpassive, enabling them to deduct losses against other typ...
Melanie Baldridge
Do you qualify as RE PRO?
To qualify as an RE Pro you must:
1. Spend more than half of your total working hours in an RE business in which you materially participate.
2. You must work at least 750 hours per year in a qualified RE business....
Suhaib Rehman
File amendment to claim passive activity loss in investment property being a Realtor
Good day Everyone,I am a professional in tech, my wife is a realtorI bought the house last year and incurred a net loss. When I filed taxes using turbo tax, I filed Schedule E but there was no form 8582 which is to d...