Tag Archives: Avoid These IRS Red Flags at Tax Time

http://www.gayrealestate.com/ While passive loss rules severely restrict the ability to deduct rental property losses from other nonrental income, real estate professionals can claim an exemption.  However, the IRS will look more closely at their return as a result—particularly if the filer has full-time employment and claims to be a property professional as well.  The agency believes that most people with day jobs do not have the time to qualify as a real estate professional for tax purposes. Another way to bring on IRS heat is to claim use of a […]