Posted by Arif on March 22, 2005 at 12:55:19:
I think you can but you better check with Met
Tax deductions - Posted by Talha
Posted by Talha on March 22, 2005 at 12:49:42:
My business partner and I have been investing in RE since last year. We both have full time jobs and have earned incomes of > 150,000. Our spouses are also actively involved with us.
Our spouses do qualify for the requirements for Real Estate Professionals. Our household RE losses for last year are $25,000. Question is, can we take these losses against our earned income? Our spouses do not have any other earned incomes.
Thank you
Talha
Re: Tax deductions - Posted by John K Haslach, CPA, MST
Posted by John K Haslach, CPA, MST on March 25, 2005 at 15:20:42:
A real estate professional can take the losses provided they have basis. Are you aware of the tests to determine if you are a real estate professional?