Time to get “real” – Qualifying for the real estate professional exception to the PAL rules
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Description
Abstract: Passive activity loss rules can prevent a taxpayer from claiming passive losses from real estate if the taxpayer’s only other income is nonpassive. Exceptions exist, though, including the real estate professional exception. This article reviews a recent case addressing whether a mortgage broker/lender could take advantage of the exception. It provides a useful refresher on what it takes to qualify as a real estate pro. Hickam v. Commissioner, U.S. Tax Ct., Summary Opinion 2017-66, Aug. 17, 2017
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