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Investors & landlords
@Mike9241 wrote:after reading the temporary reg and the situations it presets it seem the IRS says 7 day rentals are never passive.
The seven day thing means it is not treated as a "rental activity" (which is automatically passive) for purposes of the passive rules. That means the passive versus non-passive determination is based on if there is Material Participation or not.
I think you are right, the only way to tell the program that this situation is non-passive is to check that box.
‎July 26, 2023
9:37 AM