How do you know if you can claim Real Estate Professional?
Jenga asked:
I don’t want to get audited by the IRS but I hear that Real Estate Professional - non passive activity is a big issue - can you tell me what the IRS will question and look for if I claim Real Estate Professional, do they require anything when you are audited? Please advise. Any help will be great!
EARNEST
I don’t want to get audited by the IRS but I hear that Real Estate Professional - non passive activity is a big issue - can you tell me what the IRS will question and look for if I claim Real Estate Professional, do they require anything when you are audited? Please advise. Any help will be great!
EARNEST
I’m a 2nd year real estate agent, how much is a reasonable amount in business expense write offs?
mcurry81 asked:
I’ve made less this year than last in my real estate business because the market is really bad right now. I have much more in business expenses though. I don’t want to be audited, just wondering if anyone out there with experience knows what a reasonable amount in expenses for just having one sell.
JEFFERSON
I’ve made less this year than last in my real estate business because the market is really bad right now. I have much more in business expenses though. I don’t want to be audited, just wondering if anyone out there with experience knows what a reasonable amount in expenses for just having one sell.
JEFFERSON
How do deduct real estate taxes on 1040a?
petersruby20 asked:
I purchased a home in October, 2007. My monthly mortgage payment includes my county, state, and school taxes (they are placed in Escrow).
I purchased a home in October, 2007. My monthly mortgage payment includes my county, state, and school taxes (they are placed in Escrow).
Apparently my tax payments will be paid out of escrow in April, May and August of 2008.
Does that mean that I can not claim real estate for my 2007 return?
(At closing, I did have to reimburse the seller for real estate taxes he had already paid up to Dec. 31.)
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