Reading all about material participation in TB and I find a list of 7 ways to qualify. Does the taxpayer only have to meet one of these 7 to qualify?
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Excuse my ignorance.
But what is TB?Evan Appelman, EA -
Tax Book the source of this message boardComment
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wow, it has been a long week huh?
only messing with you!Originally posted by appelman View Post
yes, just one of the tests must be met, on a year by year basis. So it is possible that a taxpayer will materially participate one year and not the next, so a review of the tests must be done annually.
please see the attached flowchart from taxtools (I highly recommend investing in this software; very handy tools).
Also remember that a taxpayer can use the material participation of his/her spouse to qualify him/her for participation.Circular 230 Disclosure:
Don't even think about using the information in this message!Comment
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What is probably confusing things is that just about everyone refers to it as TTB - The Tax Book, not TB.Originally posted by appelman View Post
LTOnly in government or politics is a "cut in spending" really an increase. It's just not as much of an increase as they wanted it to be, therefore a "cut".Comment
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What I was trying to figure out was...
What the devil was "material participation in TB?" Either it was an incurable disease or a new kind of investment!Evan Appelman, EAComment
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