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Get your taxes done using TurboTax
Hi @Sylvia999 !
The benefit of being a Real Estate Professional regarding rentals is that you claim the losses against other income and take advantage of the home office deduction. You may also avoid the Net Investment income tax.
Here is a really good discussion on the topic:
https://www.taxaudit.com/tax-audit-blog/irs-definition-of-real-estate-professional-tax-status
Hope this helps!
Cindy
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‎September 27, 2023
1:20 PM