real estate professional – Elite CPA Tax

What a difference a name makes!

By elitecpas | January 10, 2019 |

How you define “Real Estate Investor” and “Real Estate Dealer” can make a huge difference in your taxes. Let’s take a look at how big a difference you can make in the tax bite. Say you have a $90,000 profit on the sale of a property. • Dealer taxes could be as high as $46,017. •…

Can you deduct your rental losses?

By elitecpas | November 22, 2016 |

Can you deduct the loss on your rental property? Here’s the answer.

Are you a “real estate professional”?

By elitecpas | March 9, 2015 |

During tax season, we get a lot of questions about the deductibility of rental real estate losses. There is not a single “sound bite” type of answer as it can depend upon your income level, type of property, and the degree to which you share in the management responsibilities.