mcurry81 asked:


I’ve made less this year than last in my real estate business because the market is really bad right now. I have much more in business expenses though. I don’t want to be audited, just wondering if anyone out there with experience knows what a reasonable amount in expenses for just having one sell.

MACK

Jenga asked:


I don’t want to get audited by the IRS but I hear that Real Estate Professional - non passive activity is a big issue - can you tell me what the IRS will question and look for if I claim Real Estate Professional, do they require anything when you are audited? Please advise. Any help will be great!

VINCE

petersruby20 asked:


I purchased a home in October, 2007. My monthly mortgage payment includes my county, state, and school taxes (they are placed in Escrow).

Apparently my tax payments will be paid out of escrow in April, May and August of 2008.

Does that mean that I can not claim real estate for my 2007 return?

(At closing, I did have to reimburse the seller for real estate taxes he had already paid up to Dec. 31.)

TRENT

DJP asked:


Project on obtaining an authorization of the property for training and qualification runs when my career private investment real estate. Where / how can I deduct these costs on my taxes? Finally I 'll have installed the holding of real estate where I could dedurrlo, but that won' t be? installed for a moment. Thank you.

LOGAN

FineArt1983 asked:


A pledge recently [July 2007]? been prepared by the IRS against a part of real estate in New York? owned by a property? which are the performer. How much time from the time that the pledge? been prepared by the IRS at the time that the IRS under the ownership? for sale or auction? If the property? ? Forced to sell or auction by the IRS? l? a certain kind of period that I extinction? The ownership? do not want to sell the property. The ownership? potr? pay the IRS what must within three months. I have that much time before the property? ? willing to sell at auction or sale?

ROBERT

capn bob asked:


I qualify as a professional real estate for tax purposes. I own and manage more than 25 rental properties. I do not have the exact condition in the past. I recently married and my husband has a pension and investment income above the maximum income allowed under the rules of passive activity. If you realize a profit from my investments are subject to taxes on that fica income? Is there a downside to require the condition of real estate professional?

ABEL

Albert T asked:


I bought a new house and havent sold the first one yet? Can I deduct the interest from both mortgage contract? What about the real estate taxes? Both houses are in the city of NY.

JOSUE