Real Estate Professional - Significant Losses

Our client suffered significant losses in the trade or business as a real estate professional. The IRS audited this individual’s tax returns and disallowed all of her losses. The IRS proposed to assess against this individual an additional tax liability of $1,017,059.

Our office petitioned the United States Tax Court and requested a redetermination of the auditor’s findings. We also argued that the client should be treated as a real estate professional for tax purposes. After significant negotiation with the IRS, we entered into a stipulated settlement with the IRS in which the IRS agreed to allow all of her previously disallowed expenses removed the entire proposed assessment.

The results portrayed in the cases mentioned above were dependent on the facts of that particular case, and the results may differ if based on different facts. The case study and/or success stories shared herein are for informational purposes only. It is not intended to and does not constitute legal advice. For more information please call 1∙888∙TAX∙DEAL or (415) 394-7200 or complete our contact form to the right.

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