Investor · Boston, MA · Member since 2014 · 232 posts · 165 votes
Hey BP - does anyone mind sharing an example of their real estate professional logbook? Would love to see an example of some real life qualifying activities and what you're including.
I's a risky route. Just because some fellow investor includes it on her or his log, does not mean it flies - unless this investor was audited and won. Otherwise, you will likely be copying someone else's false expectations.
I have reviewed hundreds of such self-constructed logs, and most of them will not hold water. These logs regularly end up in the Tax Court and are usually destroyed upon review. Here's one recent example: https://www.currentfederaltaxd...
Do you want to imitate such logs? If not, then consider consulting a good tax pro.
I's a risky route. Just because some fellow investor includes it on her or his log, does not mean it flies - unless this investor was audited and won. Otherwise, you will likely be copying someone else's false expectations.
I have reviewed hundreds of such self-constructed logs, and most of them will not hold water. These logs regularly end up in the Tax Court and are usually destroyed upon review. Here's one recent example: https://www.currentfederaltaxd...
Do you want to imitate such logs? If not, then consider consulting a good tax pro.
Interesting case. It seems like the court was quite aggressive on some of those notes. Overseeing tradesmen while they work on your properties sounds like material participation to me. The claims of 1hr to collect rent, produce receipts, and deposit checks also seems like a reasonable claim if done physically and not electronically. Good to know how the court can scrutinize these claims though.
@James E. @Clive Smith I have a sample log in format that follows the IRS Audit Techniques Guides (ATGs). Let me know if you'd like a copy.
@Sean O'Keefe .. can you pls share me the sample log sheet when you get a chance. appreciate it.
Happy to send you a copy of the material participation activity tracker / REPS Log that follows the guidance suggested in IRS Audit Techniques Guide (ATG)
@James E. @Clive Smith I have a sample log in format that follows the IRS Audit Techniques Guides (ATGs). Let me know if you'd like a copy.
@Sean O'Keefe .. can you pls share me the sample log sheet when you get a chance. appreciate it.
Happy to send you a copy of the material participation activity tracker / REPS Log that follows the guidance suggested in IRS Audit Techniques Guide (ATG)
@James E. @Clive Smith I have a sample log in format that follows the IRS Audit Techniques Guides (ATGs). Let me know if you'd like a copy.
@Sean O'Keefe .. can you pls share me the sample log sheet when you get a chance. appreciate it.
Happy to send you a copy of the material participation activity tracker / REPS Log that follows the guidance suggested in IRS Audit Techniques Guide (ATG)
Sure, I just sent you the sample material participation activity tracker / REPS Log that follows the guidance suggested in IRS Audit Techniques Guide (ATG)
@James E. @Clive Smith I have a sample log in format that follows the IRS Audit Techniques Guides (ATGs). Let me know if you'd like a copy.
Hi Sean, I know this post is old, but could you please send me this log, as well? Thanks!
No worries, I just sent you sample material participation activity tracker / REPS Log that follows the guidance suggested in IRS Audit Techniques Guide (ATG)
@James E. @Clive Smith I have a sample log in format that follows the IRS Audit Techniques Guides (ATGs). Let me know if you'd like a copy.
Would you be able to send me a copy or the log too ;) please and thank you.
No worries, I just sent you sample material participation activity tracker / REPS Log that follows the guidance suggested in IRS Audit Techniques Guide (ATG)
Sure, you got it! I jwill send you sample material participation activity tracker / REPS Log that follows the guidance suggested in IRS Audit Techniques Guide (ATG)
Sure, you got it! I will send you the sample material, participation activity tracker / REPS Log that follows the guidance suggested in the IRS Audit Techniques Guide (ATG)
Sure, you got it! I will send you the sample material, participation activity tracker / REPS Log that follows the guidance suggested in the IRS Audit Techniques Guide (ATG)