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Help with new RE investor client!
I have a new LLC client which purchased a mortgage note (value: $207,998) for a home in Connecticut. The note became non-performing, and the LLC proceeded to foreclose on the property. As of 12/31/15, the LLC was the owner of record for the property. Since then, the home has been sold (at $42,500, a substantial loss: approximately 20% of the value... -
3.8 % Investment Income Tax/Business Income of Real Estate Professional
Can rental income from a land lease be included in the business income of a real estate professional? Business income is not subject to the 3.8 % investment income tax. Rental income from a land lease is not passive income under IRC 469. Can a real estate professional include a land lease in his activity as a real estate professional?
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R/E Agent a Real Estate Professional?
I've been doing research, but still have questions about a client I am meeting with tomorrow. The Wife is a licensed R/E agent (not a broker). the Husband has a full-time day job.
In 2011, we filed their return, and split the net profits as a Qualified Joint Venture. They have not made any changes to the business entity (No LLC, S-Corp, etc,...Last edited by Rondi; 03-21-2013, 07:11 PM.