Short-term Rentals Preclude Use of Losses  

Oleh:

Pierce, Pamela L.

Jenis: Article from Bulletin/Magazine
Dalam koleksi: Journal of Accountancy vol. 212 no. 5 (Nov. 2011), page 64.
Topik: Passive Activity; Rentals; Property Taxes; Real Estate
Fulltext: Short-Term Rentals Preclude Use of Losses.pdf (37.86KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ85.31 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

CPA tax practitioners who have clients involved in a real estate rental trade or business are no doubt aware of the rule allowing $25,000 of passive losses from rental real estate to be deducted against nonpassive income and the 750-hour material participation rule for qualifying as a real estate professional under the passive activity loss rules. However, practitioners might not realize that a rule that treats rentals shorter than eight days as nonrental activities may foil a taxpayer's ability to meet the 750-hour material participation threshold. In 2004, Todd and Pamela Bailey owned three rental properties Todd Bailey, a physician, did not participate in the rental property activities. As a result of an IRS income tax return examination, the IRS disallowed various losses and deductions, resulting in an asserted tax deficiency of more than $19,000.

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