25 min
REPS 04: How the IRS Audits the Real Estate Professional Status & What to Do to Protect Yourself Tax Smart Real Estate Investors Podcast
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- Business
By default, rental losses are passive. They can only offset other passive income. Qualifying as a real estate professional allows you to take rental losses against W2 or active business income.
This episode is about IRS Audits of REPS. What is their perspective and lens they're looking through? What are they looking to see? How do you protect yourself?
If you haven't already listened to REPS 03, check it out first. This is the final episode in this series.
Get the REPS Time Log here: docs.google.com/spreadsheets/d/1c…/edit?usp=sharing
Join our Facebook group, the one-stop-shop for real estate investors to learn about tax strategy and stay up to date on changing tax laws:
www.facebook.com/groups/taxsmartinvestors
For an initial consultation from Hall CPA, PLLC visit www.therealestatecpa.com/become-client
Subscribe to our YouTube channel: www.youtube.com/c/therealestatecpa
The Tax Smart Real Estate Investors podcast is for general information purposes only and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. Information on the podcast may not constitute the most up-to-date legal or other information. No reader, user, or listener of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal and tax advice from counsel in the relevant jurisdiction. Only your individual attorney and tax advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this podcast or any of the links or resources contained or mentioned within the podcast show and show notes do not create a relationship between the reader, user, or listener and podcast hosts, contributors, or guests.
Always consult your own tax, legal, and accounting advisors before engaging in any transaction.
By default, rental losses are passive. They can only offset other passive income. Qualifying as a real estate professional allows you to take rental losses against W2 or active business income.
This episode is about IRS Audits of REPS. What is their perspective and lens they're looking through? What are they looking to see? How do you protect yourself?
If you haven't already listened to REPS 03, check it out first. This is the final episode in this series.
Get the REPS Time Log here: docs.google.com/spreadsheets/d/1c…/edit?usp=sharing
Join our Facebook group, the one-stop-shop for real estate investors to learn about tax strategy and stay up to date on changing tax laws:
www.facebook.com/groups/taxsmartinvestors
For an initial consultation from Hall CPA, PLLC visit www.therealestatecpa.com/become-client
Subscribe to our YouTube channel: www.youtube.com/c/therealestatecpa
The Tax Smart Real Estate Investors podcast is for general information purposes only and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. Information on the podcast may not constitute the most up-to-date legal or other information. No reader, user, or listener of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal and tax advice from counsel in the relevant jurisdiction. Only your individual attorney and tax advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this podcast or any of the links or resources contained or mentioned within the podcast show and show notes do not create a relationship between the reader, user, or listener and podcast hosts, contributors, or guests.
Always consult your own tax, legal, and accounting advisors before engaging in any transaction.
25 min