Tag: Deducting Passive Losses

Should I Itemize?

Should I Itemize?

Although itemizing takes more work than using the standard deduction, it makes sense in many cases. In some cases, you may not have a choice. This blog will help you understand when you do not have a choice and when itemizing is better if you have a choice.  When Itemizing Is Necessary?  Some people are required…
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Qualifying as a Real Estate Professional and Deducting Passive Losses

Qualifying as a Real Estate Professional and Deducting Passive Losses

Deducting Passive Losses A taxpayer can overcome the presumption that all rental activities are passive if the taxpayer qualifies as a real estate professional by satisfying the two tests of Sec. 469(c)(7)(B): More than one-half of the personal services performed in trades or businesses by you during the tax year are performed in real property…
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