The Real Estate Professional: Exception to the Passive Activity Loss Rules
The Real Estate Professional:
Exception to the
Passive Activity Loss Rules Speakers Paul La Monaca, MST, CPA, Director of Education, National Society of Tax Professionals
Don Williamson, JD, CPA, LLM in Taxation
NATIONAL SOCIETY OF TAX PROFESSIONALS
1
IRC 469 Passive Activity Loss Limitations
? General Rule: PALs not allowed
? Suspended & carried forward indefinitely ? PALs offset against passive income
generator (PIG)
NATIONAL SOCIETY OF TAX PROFESSIONALS
2
IRC 469 Issues
? Passive Activity defined ? Material Participation ? Grouping Activities ? Releasing losses through dispositions ? Modified AGI defined ? Married Filing Separately
NATIONAL SOCIETY OF TAX PROFESSIONALS
3
Special $25,000 Allowance
? Natural person ? 10% ownership at all time during tax year ? "Active" Participation ? Modified AGI limitation
NATIONAL SOCIETY OF TAX PROFESSIONALS
4
Real Estate Professional Exception
? The Special $25,000 Allowance Limitation does not apply: can have more than $25,000 of active real estate losses
? $100,000 Modified AGI test does not apply
? $100,000-$150,000 phase-out rules do not apply
NATIONAL SOCIETY OF TAX PROFESSIONALS
5
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