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Tax Court Disallows Real Estate Professional Status Due to Insufficient Hours

From a tax point of view, Real Estate investments can have significant tax advantages if you meet the real estate professional requirement as you might be able to offset active or earned income from one spouse against the active or earned losses of the other spouse. For high earning couples, one can be a high

By |2025-05-02T18:59:24+00:00May 26th, 2025|Categories: Business, Individuals|Tags: , , , , , , , , , , , , |

IRS to target high income taxpayers, large partnerships, scams, etc.

Earlier this month, the IRS has announced the new targets for their examination efforts. This information is in line with the previous discussion to target wealthy individuals over the $400,000 income threshold that was mentioned by President Joe Biden in the 2022 State of the Union speech, Treasury Secretary Janet Yellen who instructed the IRS

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