Originally posted by Larry Ragman
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Originally posted by jfoxcpacfp View Post
lol, indeed. I've brought him a long way since we met, but finally decided it's not worth a divorce over disagreement with the way "I" interpret the regs. He will always believe CPAs are a necessary evil and he knows more about taxes than I ever will. To be honest, Nicole does his books and she's going to straighten out "his" interpretation, but there were several years I had to refuse to sign the return to make my point We don't call him the Bobfather for nothing.
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Originally posted by Larry Ragman View Post
Oh, the irony (edit: oops, I lost my emoji - all smiles)
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Originally posted by jfoxcpacfp View PostObviously, we have a bit of a disagreement in that area, but I just sign the tax return. Others do the bookkeeping. and taxes and that’s the way I like it.
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Originally posted by Sajimone View PostYes.. im full time physician. My wife is part time. She legitimately spends a lot of time in managing, operating, rehabbing, leasing, acquiring new properties. Creating a llc entity, notarizing forms and submitting to the clerk of courts can take all day. We have 5 commercial buildings and 2 SFHs... sold 2 homes this year. She is the property manager for the rental home and two of these commercial MOB properties as these pure NNN properties. At her current monthly log rate.. she will have more than 1000 hrs for the year and be more than 50% of her time in RE.
Just info for all else who reads this post that i think it’s doable to legitimately be REPS.
Joanne how many clients do you have that are REPS? And if you do have clients... what did you see that worked in regard to irs audits.? Appreciate the responses! St
.... and several properties that you manage along with an expanded profile. That's usually enough to pass the smell test during a paper audit. If you have 1 property and no writedowns----yet claim the 750+ hours...harder to really get that.
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Originally posted by Sajimone View PostYes.. im full time physician. My wife is part time. She legitimately spends a lot of time in managing, operating, rehabbing, leasing, acquiring new properties. Creating a llc entity, notarizing forms and submitting to the clerk of courts can take all day. We have 5 commercial buildings and 2 SFHs... sold 2 homes this year. She is the property manager for the rental home and two of these commercial MOB properties as these pure NNN properties. At her current monthly log rate.. she will have more than 1000 hrs for the year and be more than 50% of her time in RE.
Just info for all else who reads this post that i think it’s doable to legitimately be REPS.
Joanne how many clients do you have that are REPS? And if you do have clients... what did you see that worked in regard to irs audits.? Appreciate the responses! St
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Originally posted by StarTrekDoc View PostEven if you log that. 750 hours = 15 hours a week without vacation. It's a significant bar. Redin searches AND plane travel to rentals 'overseeing' isn't going to get you there let alone past the audit when it comes
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Yes.. im full time physician. My wife is part time. She legitimately spends a lot of time in managing, operating, rehabbing, leasing, acquiring new properties. Creating a llc entity, notarizing forms and submitting to the clerk of courts can take all day. We have 5 commercial buildings and 2 SFHs... sold 2 homes this year. She is the property manager for the rental home and two of these commercial MOB properties as these pure NNN properties. At her current monthly log rate.. she will have more than 1000 hrs for the year and be more than 50% of her time in RE.
Just info for all else who reads this post that i think it’s doable to legitimately be REPS.
Joanne how many clients do you have that are REPS? And if you do have clients... what did you see that worked in regard to irs audits.? Appreciate the responses! St
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Originally posted by Sajimone View PostThank you for the clarification! Having to be REPS was not clear in the article. What are legitimate examples of what folks log as RE hours ? I hear folks logging hours researching a property leading to contract or the time traveling to and from the rental property in Hawaii? Etc.
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Even if you log that. 750 hours = 15 hours a week without vacation. It's a significant bar. Redin searches AND plane travel to rentals 'overseeing' isn't going to get you there let alone past the audit when it comes
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Originally posted by Sajimone View PostThank you for the clarification! Having to be REPS was not clear in the article. What are legitimate examples of what folks log as RE hours ? I hear folks logging hours researching a property leading to contract or the time traveling to and from the rental property in Hawaii? Etc.
https://www.irs.gov/pub/irs-utl/33-R...fessionals.pdf
And court cases
https://www.forbes.com/sites/anthony...-professional/
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Thank you for the clarification! Having to be REPS was not clear in the article. What are legitimate examples of what folks log as RE hours ? I hear folks logging hours researching a property leading to contract or the time traveling to and from the rental property in Hawaii? Etc.
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The passive loss rules from 1986 still stand. This is for real estate professionals. The slant of that article really steams me (and the NYT link) because most everybody reading this has not idea about the PAL rules and what it takes to be a RE professional. Certainly, neither of the pieces clarify, at least on a brief read. For ex, the NYT article is titled "Bonus for Real Estate Investors" rather than the more accurate title "Bonus for Real Estate Professionals".
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Real estate losses from active income?
https://www.cnn.com/2020/03/28/opini...ery/index.html
anyone have thoughts on this article? As a result of this new stimulus package, Are we now able to write off real estate losses against active clinical income?Tags: None
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