Day: July 26, 2022

Newsfeed: Real Estate Professionals Must Put in the Time

Newsfeed: Real Estate Professionals Must Put in the Time

The tax limits generally deductions for passive activity losses (PALs) from real estate unless you can qualify as a real estate professional. To measure up, you must be able to prove that you spent enough time on your real estate activities. In a new case, Sezonov, TC Memo 2022-40, 4/20/22, the taxpayer came up short, even with the Tax Court giving him the benefit of the doubt.