Business, Legal & Accounting Glossary
The amount of losses incurred from investment real estate that may be applied to offset income in a tax year. The allowance is available to individuals who meet specific criteria set forth in the Internal Revenue Code. The individual must be an active participant in the management of the property, must not be a real estate professional, and earn less than $150,000 of adjusted gross income to qualify for all or a part of the allowance.
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Definitions for Rental Real Estate Loss Allowance are sourced/syndicated and enhanced from:
This glossary post was last updated: 16th November, 2021 | 0 Views.