The IRS is cracking down on real estate professionals.
It's questioning loss deductions. Real estate pros are exempt
from the passive-loss rules if they spend over half their working hours
AND at least 750 hours per year materially involved in real estate.
IRS agents are checking returns of people claiming to be real estate pros,
such as builders, landlords, managers and brokers. It wants to make sure
that the time tests are met. Thousands of tax returns have been pulled.
For more information, go to....
http://www.kiplinger.com/members/taxlinks/070309/IRS-rental-losses.pdf
Shared by ....
Roger T. Herring
Managing Member
Investor's Accounting, LLC
678-287-8503
Tuesday, March 27, 2007
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