Tag Archives: real estate professional

Kicking Back Commissions

Today TaxMama hears from SB in the TaxQuips Forum with a common problem. “As a real estate professional, I had to kick back some commissions to a buyer to close a sale. But I am getting the 1099-MISC for the full commission. Can I give the buyer a 1099-MISC for the commission I paid her? […]

Ask TaxMama Issue 596 Tax Deadline Approaching

Dear Family,  This morning has been filled with last-minute work, finalizing articles for MarketWatch and the AccountingWeb.com blog, responding to students and clients – and messing with interface for the newsletter (I could scream!) And the time has rushed by.  I need to run out for appointments, so today’s issue will be brief.  We have […]

Ask TaxMama Issue 594 April Fools Day

Dear Family, Happy April Fool’s Day! This morning I read a CNN story about a family with a $54,000 tax refund. The H&R Block office was apparently so surprised that they repeatedly recomputed the tax return to see if there was a mistake. There wasn’t. And this is not an April Fool’s Prank!  It turns […]

Ask TaxMama Issue 593 – Women’s History Month

Dear Family,  What a shock! My publisher just sent me a note congratulating me. My book just won the Silver Medal in the Axiom Business Book Awards – Business Reference Category. WOW! I didn’t even know. Sheesh…you mean all those people who’ve been reading the book and using it – are right? It IS good? […]

Passive Loss Limitation

Today TaxMama hears from Clyde in Florida, with this oopsie! “My wife and I have rental properties and we reported losses for 2006 and 2007. We recently found out about Form 8582 and the Passive Activity Loss Limitations rule. Our income without the rental losses exceeded $150,000. What should we do?”

Real Estate Activity

Today TaxMama hears from Jean in Texas who asks. “How can I assure I meet the qualifications of a real estate professional. I am a landlord, not a real estate broker or agent.”

Rental Losses

Today TaxMama hears from Eileen in Portland, OR whose client was audited for her rental property, “IRS disallowed her $25,000 rental loss claiming this is a Passive deduction for her. IRS says she may deduct expenses only up to income on the property. True, she is not a real estate professional and she does have […]