Tony Nitti (Tax Partner in WithumSmith+Brown?s National Tax Service Group and the founding father of the firm's Aspen, Colorado office. A CPA licensed in Colorado and New Jersey, with a Masters in Taxation from the University of Denver.) has published a must read for those of you who are trying to decode the passive activity rules to determine who is a real estate professional. This impacts both the rental activity loss limitation rules and the 3.8% net investment income tax. Please see:
Forbes Tax Article: Who Is A Real Estate Professional
Jul 11, 2014
6 Replies
formatting link
Or
formatting link
Thank you Alan, I've just added this article to my collection (there is a "Print" icon way at the bottom). This same guy also wrote a really good article in Forbes about the NII tax in the last half year.
I took a little consolation in his summary where he observes that this stuff is not easy for anyone to understand, not the judges, not the big firms, not the IRS.
He wrote a thorough analysis in 4 parts:
Overview Of The New 3.8% Investment Income Tax, Part 1
formatting link
Overview Of The New 3.8% Investment Income Tax, Part 2: Passive Activities
formatting link
Overview Of The New 3.8% Investment Income Tax, Part 3: Property Gains
formatting link
Overview Of The New 3.8% Investment Income Tax, Part 4: Rental Income And The Real Estate Professional
formatting link
Example: My own 2003 USTC Memo decision.
based on my own research, it seems the Nitti articles on real estate professional rules are well done.
Where is the link to the "wrong" Forbes article you refer to?
based on my own research, it seems the Nitti articles on real estate professional rules are well done.
Where is the link to the "wrong" Forbes article you refer to?
================My rebuttal to two articles (one Forbes, one other) is at:
formatting link
have there been any decisions on these issues since you got gypped?
Join the Discussion
Have something to add? Share your thoughts — no account required.
Didn't find your answer?
Ask the community — no account required