Securing Rental Real Estate Relief From The IRS

Law360, New York (November 15, 2011, 11:39 AM EST) -- The IRS has issued Revenue Procedure 2011-34, which allows qualified real estate professionals to make a late election to aggregate all their rental real estate interests as a single activity for purposes of meeting material participation under the passive activity loss rules.

This election is made by filing a written statement with the taxpayer’s original income tax return. However, a taxpayer meeting certain specific requirements can now make a late election on an amended return and have it apply retroactively to a prior year.

Rental real...
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