Prop. Regs. do not relieve real estate problems with PAL

Article Abstract:

Taxpayers and tax accounting professionals had counted on Proposed Regulation 1.469-9 to clarify the ambiguous provisions of Sec. 469(c)(7) and thereby to provide those who are involved in the real estate trades or business with significant relief. However, it has been observed that such assistance will not come through the aforementioned Proposed Regulation. For one thing, it has failed to provide relief on the aggregation of rental and nonrental activities that is needed to ascertain whether a qualifying taxpayer material participates in rental real estate. Moreover, Proposed Regulation 1.469-9 has failed to offer relief on such areas as application of the disposition rule to rental real estate artificially aggregated as one activity under the all-or-nothing election and application of the rules covering former passive activities.

Real Estate, Real Estate and Rental and Leasing, Administration of Housing Programs, Taxes NEC, Rental Regulations, Housing policy, Rent control

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Difficult home sales raise various tax scenarios

Article Abstract:

The author discusses options which may be taken to reduce tax and other liabilities in cases where taxpayers are unable to sell their homes. Options discussed include obtaining interest deductions, leasing , foreclosure, and reduction of sales price.

Personal Income Tax Administratn, Analysis, House selling, Home selling, Interest deductions, Tax administration, Personal income tax

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Strategies to avoid passive activity loss limits

Article Abstract:

The author discusses practical techniques for reducing the likelihood of the application of the passive activity loss limitations under IRC section 469 with a focus on the real estate industry.

Tax Management, Tax Deductions & Exemptions, Methods, Planning, Tax accounting, Tax deductions, Loss deductions, Passive activity (Taxation)

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