By default, rental losses are passive. They can only offset other passive income. Qualifying as a real estate professional allows you to take rental losses against W2 or active business income.

Brandon and Thomas want to set the record straight and tell people what they need to hear to win IRS audits. Some of the myths we discuss are things that we've heard other practitioners or educators tell their clients.

If you haven't already listened to REPS 02, check it out first. This is the third episode in a four-part series.

Get the REPS Time Log here: docs.google.com/spreadsheets/d/1c…/edit?usp=sharing

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The Tax Smart Real Estate Investors podcast is for general information purposes only and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. Information on the podcast may not constitute the most up-to-date legal or other information. No reader, user, or listener of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal and tax advice from counsel in the relevant jurisdiction. Only your individual attorney and tax advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this podcast or any of the links or resources contained or mentioned within the podcast show and show notes do not create a relationship between the reader, user, or listener and podcast hosts, contributors, or guests.

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