A rental activity is any activity where gross income is derived principally from amounts paid by customers for the use of tangible property. However, an activity […]
Specifically passive activity gross income is income derived from work in which the taxpayer does not materially participate in. Nonetheless, in most situations this does not […]
Participation is defined as any work a taxpayer does in connection with an activity in which he owns an interest. However, to be material the taxpayer’s […]
Passive activity expenses and losses are those attributable to passive activities that generate income. Such expenses and losses can only be used to offset income from […]