Do you co-own or co-manage a business or investment with your spouse?
If you do, the tax law can help you out. Big time.
You see, there are special IRS rules that allow you and your spouse to beat the IRS limits on deducting the net losses of your rental property, business, or investment. And this can amount to a lot of money!
If you want to learn how joint filers can benefit by taking advantage of the tax law, here’s some marital advice you should take now… Read my new article titled Tax Tips: Married? You May Qualify for Huge Deductions on the Net Losses of Your Rental Properties.
Three ways our fact-filled article can help you:
- We’ll show you how to play the passive-loss game and win! Uncle Sam’s passive-loss rules limit the deductions you can take for net losses on your rental property. But when you use the tax code’s exception for spouses, you shouldn’t have any problem satisfying the passive-loss requirements and taking a big deduction. You’ll get all the details when you read the full article.
- We’ll explain the concept of “material participation.” To deduct your net losses in a business or investment, you have to prove that you “materially participate” in that business. And, if you operate rental real estate, you also have to show that you are a “real estate professional.” But don’t get discouraged. There are ways around these problems as you’ll discover when you read the full article.
- You’ll learn why the tax law works in your favor. If you file a joint return, only one spouse must meet the real estate professional test. And as for material participation, you and your spouse can combine your hours for a joint total. This sounds complicated but we’ll explain everything in easy-to-understand language when you read the full article.