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Investors & landlords
@Rick19744 @Anonymous_ after reading the temporary reg and the situations it presets it seem the IRS says 7 day rentals are never passive. since the taxpayer says they don't provide significant services it doesn't go on schedule C but schedule E. to avoid being treated as passive there is a box to check in turbo tax for schedule E which says "other passive exception". checking it will treat any income/loss as non passive.
‎July 25, 2023
5:24 PM