Here's some IMPORTANT Info for you!

Real estate agents can claim a special tax break on their rental losses. Their rental real estate losses are exempt from the passive loss rules if they spend more than one-half of their time and at least 750 hours per year materially involved in real estate, the Tax Court says. This is the identical rule that applies to landlords, developers and brokers. The Service said that agents were not covered, but the Tax Court disagreed and chaged the ruling!(Agarwal, TC Summ. Op. 2009-29). In this case, the agent who was audited was not licensed as a real estate broker. I hope this valuable information helps you.

Regards,

Gerard Ladalardo, CMPS
www.caloanpros.com