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This is the story of a conflict between an IRS agent and a CPA.
What were they arguing about? They were arm wrestling over a specific point of law… and guess what?
They both were wrong!
So what was the issue they were disputing?
Before I tell you, here are
three key facts you need to know:
Fact #1: In select circumstances, you can deduct your real estate rental-property-losses if you pass one of seven “material participation” tests. Explained in my new article.
Fact #2: When applicable, you can deduct your real estate rental-property-losses against all your income when you qualify as a “real estate professional.” Explained in my new article.
Fact #3: In many cases, you can use “cost segregation” to create huge deductions with your rental property. Explained in my new article.
Here’s the answer to the question
“what did the IRS agent and the CPA both get wrong?”
They missed the fact that the 500-hour rule is just
one of seven material participation tests you can use
to qualify for the deduction of your rental-property losses!
It’s true, BUT can only choose from seven material participation tests if you first qualify as a tax-law-defined real estate professional.
NOTE: To qualify as a “real estate professional,” you have to meet just two requirements, and they’re not all that daunting.
Once you do qualify, you can go ahead and deduct your rental-property losses.
Now all we have to do is get this information to the IRS auditor, the CPA, and you!
To get full details, and learn how to choose from the magnificent seven…
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Both the IRS and CPA
Are Wrong on a Property Audit