PAL Archives - John R. Dundon II, Enrolled Agent
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PAL Tag

05 Nov

Posted at 00:00h in Passive Activity, Rental Real Estate

The following are the top issues for the IRS regarding passive losses: Airplane Leasing Farm loss - particularly when the taxpayer lives out of state Rental Real Estate Real Estate Professionals demonstrating 'material participation' Equipment leasing losses 1120S and 1065 losses on the Schedule 'E'...

27 Oct

Posted at 00:00h in Business Expense, Passive Activity

Code Section 469 provides that individuals, trusts, estates, personal service corporations and closely held C corps may only deduct passive-activity losses from passive-activity income. The rules do not apply to S corps and partnerships, but do apply to their respective shareholders and partners. Passive activity is...

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