Everyday people misinterpret the tax code. It does not matter if you are a bookkeeper, accountant, unlicensed tax practitioner, Enrolled Agent, CPA, tax attorney, or even a Tax Court Judge, the tax code is complicated and confusing and many of…
Richard S. Leyh et ux. v. Commissioner (T.C. Summ. Op. 2015-27) details a case in which a taxpayer could revise her contemporaneous log of daily rental property activity and qualify as a real estate professional for income tax reporting purposes.…
In reviewing James F. Moss, et ux. v. Commissioner 135 TC No. 18 to be a real estate professional, a taxpayer must meet two requirements: (1) More than one-half of the taxpayer’s personal services must be performed in real property trades or businesses in which…
Attorney specializing in real estate CPA’s specializing in real estate Banker or mortgagor Investment advisor Financial planner or consultant Interior decorator Taxpayer who works on a building but is not in the real property business Taxpayer who is less than…
A qualifying real estate professional may deduct rental real estate losses for each rental in which he/she materially participates provided 3 tests are passed: More than one half of the taxpayer’s personal services must be in real property business. ‘Real…
IRS PTIN: P00605639
Enrolled Agent #: 85353
Email: john@johnrdundon.com
