Author: Judy Mondry (retired)

We've all heard it – never do business with friends or relatives ... but how many of us still do  (especially when real or personal property is involved). Keep reading to learn how to preempt the IRS's questions.

How Real Estate Losses Can Help Offset Your Income For Tax Purposes Real estate rental activity income or loss is considered passive activity income or loss. The passive activity loss rules provide that passive losses can only be used to offset passive income. Consequently, those losses may be limited. If you and your co-owners have … Continued