Do you own rental property? If the answer is “Yes,” then you need to pay careful attention to the “passive-loss” rules. You see, the tax law contains passive-loss rules that often prevent current-year deductions for rental property losses.
If you want to avoid dangerous tax traps that can cost you big money, I urge you to read my latest article titled Tax Tips: Tax Loss Crushed by Passive Loss Rules on Rental Property Investment.
Three ways our fact-filled article can help you:
- We’ll explain the danger of making too much money. That’s right. If you actively participate in your rental real estate activity, you may deduct rental losses of up to specific dollar amount. We’ll tell you what that number is and how much you’ll have to pay if you exceed it. To find out more, read the full article.
- You’ll learn how to avoid a huge tax trap. Generally speaking, you can’t deduct passive losses against your business or portfolio incomes. There is, however, one exception to the rental-is-passive rule. We’ll tell you what it is when you read the full article.
- We’ll tell you about the important Anyika case. Mr. Anyika bought, renovated, managed, and sold rental properties. He was convinced he was eligible for deductions on his rentals and took on the IRS to prove it. He lost. What can you learn from Mr. Anyika’s loss? Plenty! Get the whole story when you read the full article.