Note to real estate pros: Keep careful records

Proof needed to qualify for unlimited rental property tax loss deductions
Published on Oct 19, 2005

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by CareyBot

Andrew M. D’Avanzo and his wife, Linda, own five rental properties. On their income-tax returns, Andrew and Linda claimed (1) material participation in managing their rental properties and (2) $32,258 rental property tax losses as a “real estate professional.” But ...