Re: IRS Real Estate Professional Qualification?

[ Follow Ups ] [ Post Followup ] [ CREOnline Legal Forum ]

Posted by Penny on May 04, 2008 at 14:37:22:

In Reply to: IRS Real Estate Professional Qualification? posted by Thomas on May 02, 2008 at 16:17:39:

Check with your CPA on this. From what I'm hearing, the IRS is scrutinizing the real estate professional claims and there are pending cases involving real estate agents where the IRS is challenging the REP status. Material participation in the rental activities, entity ownership and spending more time on REP than other employment are key issues at hand, as I read it.

See the IRS website below on rental losses:

http://www.irs.gov/businesses/small/article/0,,id=146326,00.html

Also, if you do a search on the IRS website for audit technique guides on the real estate professional, you should be able to find out what sort of questions auditors are asking. That, along with your CPA, should give you more guidance on this.

Good luck!


Follow Ups:


Post a Followup

Name    : 
E-Mail  : 
Subject : 

Comments:

[ Follow Ups ] [ Post Followup ] [ CREOnline Legal Forum ]

CRE Online, Inc. © 2007, All Rights Reserved.
creonline.com