UNLIMITED LOSS DEDUCTIONS FOR REAL ESTATE PROFESSIONALS

Owning rental property may yield large financial gains in healthy markets.  Recently, however, fluctuations in the real estate and housing markets have produced conditions which can lead to great financial losses.  Because owning real estate is considered a “passive activity” by the tax code, there are certain restrictions and limitations...

Wesley Snipes to serve three years in federal prison for not filing tax returns

Owing taxes is not a crime, but his willfully not filing a tax return is San Francisco, CA - It is not a crime to owe money to the IRS. If Wesley Snipes had filed his tax returns but couldn't pay he would not be going prison. Willfully not filing is where...