In a recent holding by the Tax Court, an individual was not a real estate professional and thus the proceeds of real estate sales must be netted against losses from his passive activities. However, the Tax Court sustained an accuracy-related penalty for only the overstated basis in the real estate.
The full article is published by Tax Analysts at 2012 TNT 9-8 ( January 2012
Posted by Ian Horowitz, Associate Editor, Wealth Strategies Journal
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