Discussion:Real estate profesional question

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Discussion Forum Index --> Advanced Tax Questions --> Real estate profesional question
Discussion Forum Index --> Tax Questions --> Real estate profesional question

Geedub (talk|edits) said:

10 April 2008
I wanted to get input on this - i have not dealt with this issue before and wanted to ensure i understood the rules properly.

Taxpayer files Married filing separate

Taxpayer earns 35k at job during 1st 3 months of the year

Taxpayer has pension of 31k during last 9 months of year

Taxpayer has 2 rental properties and starts selling real estate fulltime on 4-1-07 through 12-31-07. (at the same time he is selling real estate he is working on the 2 properties renovating and renting them)


Can taxpayer legally take the deduction as a real estate profesional - he has about 4-5k loss on properties owned - he has about 6k in income from selling real estate.

I think he is ok - but this is not an area I have worked on before and wanted input.

Thanks for any input.

Nancyshoemake (talk|edits) said:

10 April 2008
he should be allowed the passive losses without worrying about being a real estate pro...

Nancyshoemake (talk|edits) said:

10 April 2008
he should be allowed the passive losses without worrying about being a real estate pro...

WPCPA (talk|edits) said:

10 April 2008
Go and hire NancyShoeMake - and per her a handsome fee.

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