There are many reasons people tend to own rental properties - investment purposes, cash flow purposes or even as part of a tax planning strategy.
Depreciation and other deductions associated with rental properties often provide taxpayers with valuable tax benefits, including generating paper losses associated with those activities. The rules regarding whether those losses can be deducted can get very complicated and difficult to navigate.
The IRS has a variety of rules related to whether taxpayers can deduct losses associated with rental real estate, but most of those limitations can be overcome if the taxpayer is able to prove he or she is a “real estate professional” in the eyes of the IRS.
The IRS has a list of criteria to help taxpayers determine if they are a “real estate professional” but the two most important are:
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