Tampa Bay Tax Pros

August, 2014
Dear ,
"Welcome to this month's newsletter continuing our series on "Credits and Deductions" 

Stay tuned for more useful information
on this topic!
Credits and Deductions - Part THREE
Rental Losses - What are the Limits?
How do they affect my AGI? 
- source:  www.unclefed.com 

 

Rental real estate activities are generally considered passive activities, and the amount of loss you can deduct is limited. Generally, you cannot deduct losses from rental real estate activities unless you have income from other passive activities. However, you may be able to deduct rental losses without regard to whether you have income from other passive activities if you "materially" or "actively" participated in your rental activity. See Passive Activity Limits, later.

 

Losses from passive activities are first subject to the at-risk rules. At-risk rules limit the amount of deductible losses from holding most real property placed in service after 1986.

 

Exception. If your rental losses are less than $25,000, and you actively participated in the rental activity, the passive activity limits probably do not apply to you. See Losses From Rental Real Estate Activities, later.

 

Property used as a home. If you used the rental property as a home during the year, the passive activity rules do not apply to that home. Instead...

 

FOR COMPLETE QUALIFICATIONS AND DETAILS - READ FULL ARTICLE 


Committed to Helping You Achieve Superior Tax
Guidance and Savings. 
Call us Today and let us help you! 
727-848-8950
Why You Should Choose an Enrolled Agent (EA) 
NAEA.org

Not all paid return tax practitioners are equal!  Using an enrolled agent can save significant time and effort in tax preparation and its associated tasks.  
  • EAs are equipped to advise, represent, and prepare tax returns for individuals, partnerships, corporations, estates, trusts, and any entities with tax-reporting requirements.   
  • EAs' Continuing Education (CE) requirements ensure they have the knowledge to effectively represent taxpayers audited by the IRS despite the continually changing tax laws.  
  • In fact, EA members must fulfill continuing professional education requirements that exceed the IRS' required minimum.

NAEA EAs provide two unique benefits to taxpayers.

 

Emphasis on Ethics - Our principal focus is honest, intelligent and ethical representation of taxpayers before the governmental agencies. Our members adhere to a stringent Code of Ethics and Rules of Professional Conduct of the Association, as well as the Treasury Department's Circular 230 regulations. In addition, our members belong to a strong network of experienced, well-trained tax professionals who work to make the tax code fair and reasonably enforced.

 

Proof of Expertise - Only enrolled agents are required to demonstrate to the IRS their competence in all areas of taxation, representation and ethics before they are given unlimited representation rights before IRS. Unlike attorneys and CPAs, who are state licensed and who may or may not choose to specialize in taxes, all enrolled agents specialize in taxation. Registered tax return preparers have passed a minimal competence test on tax forms for individuals, and have only limited representation rights. 

 

Committed to Helping You Achieve Superior Tax  
Guidance and Savings. 
Call us Today and let us help you! 
727-848-8950
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Don't forget our new name!
  We have changed our name from "Trademark Capital Tax & Accounting" to Tampa Bay Tax Pros but, we have not changed our outstanding service or quality product. 
Thank you to all the clients we have served and for the many family and friends you have trusted in our care.

 Sincerely,

Carolyn Carter
EA, ATP, RTRP
We're never too busy for your referrals!
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