Category: Business Operations|Business Tax|Individual Tax|Real Estate|Trusts and Estates

  • Tax Court Rules that a Trust can be a Real Estate Professional

    Tax Court Rules that a Trust can be a Real Estate Professional

    Real estate activities are normally considered passive activities subject to passive loss limitations, unless a taxpayer qualifies for the real estate professional exception. To meet this exception, 1) more than one-half of the taxpayer’s personal services must be in real-property activities in which the taxpayer materially participates, and 2) these real-property personal services must be…