User talk:Westwinds
From TaxAlmanac
I have a client that I picked up last year that has rental property. They have about 3 million in rentals so they have a pretty hefty depriecation going on. Over the last 5 years they have managed to have average losses of 25,000. As far as I can see they have never turned a profit. They qualify as real estate professionals. From what I can see the IRS has never questioned there losses. They have not brought me their taxes for this year and I did file an extention for them. They will of course have anothr year of losses. I have a concern about this client. Anyone share my concern that they could be setting themselves and maybe me for a hard fall?
Westwinds, your question has been moved to Ask or Answer a Tax Question. Please select to preceeding link to go immediately there. RFowler 1 June 2005.
