Your lectures have helped me so much during my CPA prep. The best thing about these lectures is that you explain "WHY" these rules were put in place. This helps us understand the logic of the rules/topics so they stick better. Awesome job Professor and thank you so much!
Assuming the tax payer materially participates in a short term rental (Airbnb/VRBO - of 7 days or less), therefore rental income can offset his/her W-2 income, what limitations apply? What is considered at-risk? Does the tax payers recourse residential mortgage loan increase the at-risk basis? Happy to have found this channel!
Your lectures have helped me so much during my CPA prep. The best thing about these lectures is that you explain "WHY" these rules were put in place. This helps us understand the logic of the rules/topics so they stick better. Awesome job Professor and thank you so much!
You are the most welcome! Please visit our website for more: www.farhatlectures.com
Assuming the tax payer materially participates in a short term rental (Airbnb/VRBO - of 7 days or less), therefore rental income can offset his/her W-2 income, what limitations apply? What is considered at-risk? Does the tax payers recourse residential mortgage loan increase the at-risk basis?
Happy to have found this channel!
Yep, if you are personally liable for a loan, that would increase your at-risk basis since you are at risk of losing your investment