5e - Gains & Losses Passive Rental Losses

5e - Gains & Losses Passive Rental Losses -...

Info iconThis preview shows pages 1–7. Sign up to view the full content.

View Full Document Right Arrow Icon
Individual Income Tax Online Lecture Series Rental Real Estate Losses An Overview Presented by Akore Berliner, CPA
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
RENTAL LOSSES, TYPICALLY PASSIVE
Background image of page 2
RENTAL ACTIVITIES  Rental property is  automatically passive activity  unless  it meets one of the  6 exceptions If exception applies, activity is then subject to the  material participation tests to determine loss  limitations Review Passive Loss Lecture or www.irs.gov for definition of Passive  Activity and loss limitations Applies to tangible property  Real property (real estate) Personal property (not real estate)
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
RENTAL ACTIVITIES: EXCEPTION TO  PASSIVE RULE  Exception 1 The average period of customer use of the  property  is 7 days or less
Background image of page 4
RENTAL ACTIVITIES: EXCEPTION TO  PASSIVE RULE Exception 2 The average period of customer use of the property  is  30 days or less,  and the taxpayer provides  significant personal services Significant services are only services performed  by individuals
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
PASSIVE RULE Exception 3 Taxpayer provides 
Background image of page 6
Image of page 7
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 19

5e - Gains & Losses Passive Rental Losses -...

This preview shows document pages 1 - 7. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online