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Re: 2nd home tax question

Whoa!! Hold on! What's wrong with the CPA's advice? If

> you read the OP statement carefully, you will see that this > house may not the second home but the third! OP is already > deducting interest on two properties. We need more facts to > be able to tell what is going on here but the position of > the CPA is not, on the surface, outrageous.

I'll second that! :-)

I'm under the impression that the so-called "2nd home" is actually a rental property and the CPA advised the poster on the implications of the passive loss rules. MTW

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Reply to
MTW
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First of all, OP called it a second "home" not a rental property. That's not definitive, but I've seldom if ever heard people call a property a home if it's a rental. But if that were the reason, the CPA should have explained it. That's not a hard concept to understand. But in addition to that, the passive loss rules don't apply (up to a limit) to rental real estate of the owner "actively participates" in its management. I suppose there is a small chance the CPA is right. But if he is and either wouldn't or couldn't explain it so the OP could understand it, he needs a new CPA anyway. Stu

Reply to
Stuart Bronstein

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