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Do you own rental property that’s losing money?
If you do, you’d better understand the IRS’s “passive loss” rules.
You see, if you know the rules and follow them, you can maximize your rental profits. If you don’t you’re inviting an IRS audit. Ouch!
Are you going to come out a
passive-loss winner or a passive-loss loser?
The Millers did both.
That’s right. Tom and Nancy Miller owned six rental properties and, of course, wanted to deduct their rental-property losses.
When the IRS denied deductions on all six of their rental-property loss claims, the Millers went to court.
The result?
The judge ruled that two of their properties did meet the passive-loss requirements. However, he also ruled that the four rental properties flunked the tests. The Millers just had to eat it.
Why was there a split decision?
Well, here we could get into the weeds but I won’t let us.
Why not? Because the passive-loss rules are complex and deal with issues that can’t be explained in this short email. Issues such as…
- “Material participation”
- Property grouping
- The 750-hours-of-service rule
- Why it’s useful to become a “qualified real estate professional”… and more.
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