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 […]
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 […]
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. […]
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 […]