Special tax exemption for real estate pros 

Tax forms image via Shutterstock.com.

When it comes to taxes, real estate professionals have one thing going for them that no one else has: They can qualify for a special exemption from the Internal Revenue Service passive loss rules -- an exemption nobody else can get.

If you qualify, you may deduct any amount of rental losses you have for the year from your nonrental income -- such as real estate commission income.

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