Comments on: The Big Kahuna of Tax Tips http://www.american-apartment-owners-association.org/blog/2009/04/06/the-big-kahuna-of-tax-tips/ Just another WordPress weblog Fri, 19 Mar 2010 13:42:11 -0700 http://wordpress.org/?v=2.8 hourly 1 By: AAOA - American Apartment Owners Association » 7 Ways to Increase Your Rental Loss Deduction http://www.american-apartment-owners-association.org/blog/2009/04/06/the-big-kahuna-of-tax-tips/comment-page-1/#comment-14906 AAOA - American Apartment Owners Association » 7 Ways to Increase Your Rental Loss Deduction Mon, 13 Apr 2009 20:45:07 +0000 http://www.american-apartment-owners-association.org/blog/2009/04/06/the-big-kahuna-of-tax-tips/#comment-14906 [...] in the activity, and the major benefit is that your losses can be unlimited. Many “real estate professionals,” can easily meet the requirements for material [...] [...] in the activity, and the major benefit is that your losses can be unlimited. Many “real estate professionals,” can easily meet the requirements for material [...]

]]> By: AAOA - American Apartment Owners Association » Tired of Organizing - and Reorganizing Your Tax Records? Here’s Help http://www.american-apartment-owners-association.org/blog/2009/04/06/the-big-kahuna-of-tax-tips/comment-page-1/#comment-14666 AAOA - American Apartment Owners Association » Tired of Organizing - and Reorganizing Your Tax Records? Here’s Help Thu, 09 Apr 2009 23:12:11 +0000 http://www.american-apartment-owners-association.org/blog/2009/04/06/the-big-kahuna-of-tax-tips/#comment-14666 [...] Software for real estate investors, check out TReXGlobal.com.      See Crucial Tax Tips for Landlords.   Let us know what you think by commenting below. For questions about our blog, contact our [...] [...] Software for real estate investors, check out TReXGlobal.com.      See Crucial Tax Tips for Landlords.   Let us know what you think by commenting below. For questions about our blog, contact our [...]

]]> By: Kim Ezzell http://www.american-apartment-owners-association.org/blog/2009/04/06/the-big-kahuna-of-tax-tips/comment-page-1/#comment-14536 Kim Ezzell Tue, 07 Apr 2009 20:06:48 +0000 http://www.american-apartment-owners-association.org/blog/2009/04/06/the-big-kahuna-of-tax-tips/#comment-14536 We've received a couple of questions on today's tax tip regarding what type of records to keep concerning the 750 hours of 'professsional' service. Unfortunately, we just can't answer specific tax questions -- we have to leave that to the tax professionals. We can offer a couple of links to IRS publications that may help guide you. Happy renting, AAOA Publication 527 and Passive Activity Lossses: http://www.irs.gov/publications/p527/ch03.html#en_US_publink100027374 Publication 925 and Material Participation: http://www.irs.gov/publications/p925/ar02.html#en_US_publink1000104579 IRS audit guide for passive activity losses and what they look for: http://www.irs.gov/businesses/small/article/0,,id=146318,00.html We’ve received a couple of questions on today’s tax tip regarding what type of records to keep concerning the 750 hours of ‘professsional’ service. Unfortunately, we just can’t answer specific tax questions — we have to leave that to the tax professionals. We can offer a couple of links to IRS publications that may help guide you. Happy renting, AAOA

Publication 527 and Passive Activity Lossses: http://www.irs.gov/publications/p527/ch03.html#en_US_publink100027374

Publication 925 and Material Participation: http://www.irs.gov/publications/p925/ar02.html#en_US_publink1000104579

IRS audit guide for passive activity losses and what they look for: http://www.irs.gov/businesses/small/article/0,,id=146318,00.html

]]> By: Kevin http://www.american-apartment-owners-association.org/blog/2009/04/06/the-big-kahuna-of-tax-tips/comment-page-1/#comment-14519 Kevin Tue, 07 Apr 2009 14:51:40 +0000 http://www.american-apartment-owners-association.org/blog/2009/04/06/the-big-kahuna-of-tax-tips/#comment-14519 I have a full time job but I did buy a distressed property in 2007 and I did spend well over 750 hours in 2008 to renovating, Fixing, renting, Advertising, cleaning, basically 100% management of 3 decker property and looking for other deals last year. If I claim "RE Professional" for 2008, do I need to keep log of time to show 750 hrs worked ? I have a full time job but I did buy a distressed property in 2007 and I did spend well over 750 hours in 2008 to renovating, Fixing, renting, Advertising, cleaning, basically 100% management of 3 decker property and looking for other deals last year.

If I claim “RE Professional” for 2008, do I need to keep log of time to show 750 hrs worked ?

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