Industry NewsOpinion

IRS cracks down on real estate agent classification

Guest perspective: Are you a real estate pro? Does the IRS agree?
Published on Mar 23, 2007

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by CareyBot

Recently, the Internal Revenue Service has stepped up its enforcement action against individuals who represent themselves on their tax returns to be real estate professionals. The IRS has been aggressively auditing individual tax returns of real estate professionals and reclassifying many of these individuals as passive real estate investors. According to IRS studies of tax compliance, many people are inappropriately deducting losses from real estate activities ...

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