Issue If a taxpayer converts a home to a rental, when can the taxpayer deduct any losses related thereto? Related Tax Rules or Regulations Internal Revenue Code Section 262, which provides that except as otherwise expressly provided, no deduction is allowed…
What does the IRS consider to be negligent or non-wilful conduct when it comes to tax-related activity like filing income tax returns and making deductions? What does it consider wilful conduct? When is such activity tax fraud? Tax fraud is…
Issue Who qualifies as a real estate professional for tax purposes? More specifically, how does a taxpayer establish that he or she materially participate in rental activities, so that the rentals become non-passive, and any losses can be used without…
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At Thorgood Law Firm in New York, we are IRS attorneys dedicated to bringing legal counsel to taxpayers across the United States.
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