Real Estate Professional Status Audits FAQ

August 15, 2015
What is an IRS Tax Lien, and How Can It Be Removed?

Non-residents transfer property with no estate and gift tax

What is FIRPTA? The Foreign Investment in Real Property Tax Act of 1980 (FIRPTA) allows the IRS to tax foreign persons on the disposition of real […]
June 2, 2014
Minnesota Business Owner Ordered to Pay IRS Over $1M in Restitution After Admitting to Income Tax Evasion

Ministers housing allowance relate to self-employment tax?

Ministers are allowed certain tax breaks. One of the most important of these is a minister’s ability to avoid taxation on some or all of his […]
June 2, 2014

What is the ministers housing allowance?

Arguably, one of the first tax breaks for ministers dates back to Old Testament times. Genesis 47:26 reads, “So Joseph crafted a statute concerning Egypt that […]
March 25, 2014

IRS challenge to Real estate Professional status

Under audit the IRS will often insist upon the taxpayer producing contemporaneous time logs to substantiate the time put into the rental activity. However, the regulations […]
March 25, 2014

What is the Real Estate Professionals exception?

Rental real estate activities performed by a real estate professional are not considered passive and therefore related losses cannot be used to offset passive gross income. […]
March 25, 2014

Special allowance for rental real estate activities

Like regular rental activities, loss generated by real estate rental activities is passive but with one difference. Under the rules passive income loss is not currently […]