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Is a 1099-C debt forgiven from a real estate short sale taxed and considered as earned income or passive income due to it being Real Estate Rental loss?
Wiki User
∙ 14y ago
Pursuant to the instructions in IRS Publication 4681 income reported on form 1099-C from debt forgiveness is reported on line 3 of schedule E if the debt has to do with non-farm rental real estate. This is the same line you use for rental income. So I believe the answer is that it would be considered passive income from rental real estate absent an election to be considered a real estate professional under IRC 469(c)(7).
Wiki User
∙ 14y ago
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Can rental income losses be considered a passive loss when selling the property?
Unless you have qualified and elected to be treated as a real estate professional for income tax purposes, rental losses are, by definition, passive activity losses. These losses are subject to various limitations, so some or all may be suspended in any given tax year. At the time of complete disposition of the rental property, the taxpayer may take any suspended losses against his ordinary income for that year. See IRS Publication 925, Passive Activity and At-Risk Rules, and Publication 527, Residential Rental Property, for further information.
Is a deck attached to commercial rental property by the tenant considered a trade fixture?
No, it is considered a capital improvement to the real estate.
Rental property of decedent is sold by estate. Who gets the rental income collected by estate from date of death to date of sale?
The rental income becomes part of the estate and will be distributed according to the terms of the will to the beneficiaries or to the next of kin if there was no will.
Can you sue heirs of estate if the estate owns a rental property and a renter gets hurt.?
No, you sue the owner, which is the estate.
Can you email information on a rental property with out a real estate license in Arizona?
can you email rental information and rental applications and leases for a property mgmt company you work for under direct supervision of the broker is you the emailer do not have a real estate license
Is rental income earned income?
Earned income comes from wages or self-employment. The IRS considers rental income as passive (not from work.)
Is party rental considered as a consumer good business?
Party Rental is considered as rental or party supplies business not consumer goods.
What if your car rental insurance coverage does not cover large SUVs is a passive voice example?
NO
Is there are rescission period for a real estate rental contract in California?
Yes
What real estate rental service companies deal with Spanish villa rentals?
The real estate rental services that deal with Spanish villa rentals are located in Spain, since many real estate companies are based on location instead of property type.
How many agents work at Raleigh real estate?
Raleigh Real Estate is a Remax partnered real estate agency. They can help you with real estate and rental homes in the Raleigh area.
Can you deduct real estate investment travel?
Perhaps. It depends on what you mean by "real estate investment travel."Travel to and from rental buildings you own, or travel expenses to look at rental properties is deductible. However, travel to a real estate investment convention would not be deductible.
