rps1111
Level 2
‎07-11-2023 04:58 PM
  • PLEASE CHECK IRS FOR RENTALS:
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  • PASSIVE ACTIVITY LIMITS REALTORS.  
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  • HAVE YOU LOOK AT SCH E FORM FOR 1040 LATELY.
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  • IRS   OBM NUMBER  1545-0074 SCH E INSTRUCTIONS.
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  • CHANGED IN YEAR 2018 DUE TAXPAY CERTAINTY AND DISASTER TAX RELIEVE OF ACT OF 2018.  FORM CHANGE IN 2019.
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  • IN EFECT THERE IS A LIMIT OF $25,000, SO UNLESS INDIVIDUALS WORK FOR 750 HOURS PER YEAR OR 500 HOURS PER YEAR.
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  • IF you CHECK HOURS PER YEAR, HOURS ACTIVITIES INDIVIDUALS USE TIME (EATING, SLEEPING, ETC.) THERE IS NO WAY A WORKING PERSON CAN MAKE THE REQURIED 750/500 HOURS REQUIRED.
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  • TO BE ABLE TO USE DEDUCTED ON SCH E RENTAL YOU TO BE ABLE DEDUCTIONS, YOUR HOURS HAVE TO BE ACCOUNTED SHOWING FOR TIMES WORKINGS ON YOUR RENTALS AND DOCUMENT THEM.
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  • LIMITS ARE $25,000 PER YEAR EVEN THOUGH PERSON HAS MANY RENTALS HE/SHE OWNS TENDS,
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  • THIS IS FOR ALL CORPORATIONS LLC, PARTNERSHIPS ETC.  
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  •  THIS WILL BE MORE PAPERWORK FOR ACCOUNTANTS
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  • NO WONDER ACCOUNTANT ARE LEAVING THE ACCOUNTING
  • PROFESSION. 
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  • ALSO, CHECK SCH E LINE 43.  IT IS THE LAST LINE ON PAGE 2.
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  • WHAT DO YOU THINK OF NEW LAWS?
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  • THIS IS PASSIVE INCOME.
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  • THIS IS ENOUGH FOR TO DAY.

 

 

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