You may have to file information returns for wages paid to employees, certain payments of fees and other nonemployee compensation, interest, rents, royalties, real estate transactions, annuities, and pensions. For details, see Line A, later, and the 2022 General Instructions for Certain Information Returns.
If you and your spouse each materially participate (see Material participation in the Instructions for Schedule C) as the only members of a jointly owned and operated rental real estate business and you file a joint return for the tax year, you can elect to be treated as a qualified joint venture instead of a partnership. This election, in most cases, will not increase the total tax owed on the joint return. By making the election, you will not be required to file Form 1065 for any year the election is in effect and will instead report the income and deductions directly on your joint return. If you and your spouse filed Form 1065 for the year prior to the election, the partnership terminates at the end of the tax year immediately preceding the year the election takes effect.
If you report a loss from rental real estate or royalties in Part I, a loss from a partnership or S corporation in Part II, or a loss from an estate or trust in Part III, your loss may be reduced or not allowed this year. You must apply the following rules to your loss.
At-risk rules apply to losses from rental real estate or royalties. They also apply to losses from a partnership, S corporation, estate, or trust. See At-Risk Rules, later, in the General Instructions. If the loss is from a partnership or S corporation, also see At-risk rules, later, in Part II.
Passive activity loss rules apply to losses from rental real estate. They also apply to losses from a partnership, S corporation, estate, or trust. See Passive Activity Loss Rules, later, in the General Instructions. If the loss is from a partnership or S corporation, also see Passive activity loss rules, later, in Part II.
Nonrecourse loans used to finance the activity, to acquire property used in the activity, or to acquire your interest in the activity that are not secured by your own property (other than property used in the activity). However, there is an exception for certain nonrecourse financing borrowed by you in connection with the activity of holding real property (other than mineral property). See Qualified nonrecourse financing, later.
Qualified nonrecourse financing is treated as an amount at risk if it is secured by real property used in an activity of holding real property subject to the at-risk rules. Qualified nonrecourse financing is financing for which no one is personally liable for repayment and is:
If you were a real estate professional for 2022, any rental real estate activity in which you materially participated is not a passive activity. You were a real estate professional for the year only if you met both of the following conditions.
If you did not make this election on your timely filed return, you may be eligible to make a late election to treat all your interest in rental real estate as one activity. See Rev. Proc. 2011-34, 2011-24 I.R.B. 875, available at IRS.gov/irb/2011-24_IRB#RP-2011-34.
If you meet all of the following conditions, your rental real estate losses are not limited by the passive activity loss rules, and you do not need to complete Form 8582. If you do not meet all of these conditions, see the Instructions for Form 8582 to find out if you must complete and attach Form 8582 to figure any losses allowed.
You can meet the active participation requirement without regular, continuous, and substantial involvement in real estate activities. But you must have participated in making management decisions or arranging for others to provide services (such as repairs) in a significant and bona fide sense. Such management decisions include:
For an estate or trust only, farm rental income and expenses based on crops or livestock produced by the tenant. Estates and trusts do not use Form 4835 or Schedule F (Form 1040) for this purpose.
For rental real estate property only, show the street address, city or town, state, and ZIP code. If the property is located in a foreign country, enter the city, province or state, country, and postal code.
If you received rental income from real estate (including personal property leased with real estate), report the income on line 3. Use a separate column (A, B, or C) for each rental property. Include income received for renting a room or other space.
Interest you paid as part of your rental real estate activity is not subject to the limitation on business interest unless your rental real estate activity is a trade or business. If your rental real estate activity is a trade or business, you must file Form 8990 to deduct any interest expenses of that rental real estate activity unless you meet one of the filing exceptions in the Instructions for Form 8990.
If you are a partner, a shareholder in an S corporation, or a beneficiary of an estate or trust, you must take into account your share of preferences and adjustments from these entities for the alternative minimum tax on Form 6251 or Schedule I (Form 1041).
If you are a beneficiary of an estate or trust, use Part III to report your part of the income (even if not received) or loss. You should receive a Schedule K-1 (Form 1041) from the fiduciary. Your copy of Schedule K-1 and its instructions will tell you where on your return to report the items from Schedule K-1. Do not attach Schedule K-1 to your return. Keep it for your records.
When buying real estate property, you should not assume that property taxes will remain the same. Whenever there is a change in ownership, the assessed value of the property may reset to full market value, which could result in higher property taxes. Please use our Tax Estimator to approximate your new property taxes.
When buying real estate property, do not assume property taxes will remain the same. A change in ownership may reset the assessed value of the property to full market value, which could result in higher property taxes. Please use our Tax Estimator to approximate your new property taxes.
The owner of the real property shall be reimbursed for any reasonable expenses, including reasonable attorney, appraisal, and engineering fees, which the owner actually incurred because of a condemnation proceeding, if:
An owner whose real property is being acquired may, after being fully informed by the Agency of the right to receive just compensation for such property, donate such property or any part thereof, any interest therein, or any compensation paid therefore, to the Agency as such owner shall determine. The Agency is responsible for ensuring that an appraisal of the real property is obtained unless the owner releases the Agency from such obligation, except as provided in § 24.102(c)(2).
We focus on guiding you smoothly though your home buying or selling experience using our unmatched tools, market knowledge, experience, and customer service. Drawing on decades of shared expertise, an intimate knowledge of the local area, and efficient processes to provide you with the best real estate experience anywhere.
All real estate appraisers and assistants with a license expiring before January 1, 2022 are required to successfully complete 28 hours of approved appraiser continuing education courses, which must include the seven-hour National USPAP update course, within their two-year license/certification period prior to renewal. Please note that you must complete an additional 14 hours of approved continuing education for each year that has lapsed if you renew 185 days after the expiration date of your license.
Parents need to know that Selling Sunset is a reality show that mixes the drama of the Los Angeles luxury real estate business with traditional reality show relationship turmoil. There's lots of flirting and sexual innuendo, and some crude references and words like "d--k" and "douche bag." There's also arguing and some mean behavior among the cast members. The word "bitch" is audible, but other curses are infrequent and muted. Alcohol is frequently consumed, and there are references to taking prescription medications. The series is a promotional vehicle for the Oppenheim Group.
SELLING SUNSET is a reality series about the efforts of an elite West Hollywood real estate brokerage group to make big money selling property to affluent buyers. Twin brothers Brett and Jason Oppenheim started the Oppenheim Group, which is known for selling luxury homes for the rich and famous in the greater Los Angeles area. They manage a professional team of tight-knit real estate associates, including Mary Fitzgerald, Christine Quinn, Maya Vander, and Heather Young. Occasionally joining them is Davina Potratz. But when new agent Chrishell Stause is brought in to join the team, it leads to some tension. But no matter what happens, the clients always come first.
This voyeuristic series mixes the world of the high-end real estate business with lots of personal drama. The houses and properties featured are stunning, and the associates are talented, hardworking agents who are confident in their abilities. However, there is great emphasis on their good looks, and it's implied that this contributes to their professional success.
Not surprisingly, some cast members are obnoxious and arrogant, which makes for some tense reality moments. So does the addition of associate Amanza Smith during the second season. But regardless of the effort to home in on people's catty behavior, it is evident that the group makes professionalism their priority. As a result, while it is entertaining, Selling Sunset is barely over-the-top enough to be a guilty pleasure.
Families can talk about the work that goes into selling real estate. What experience and strategies do the associates featured in Selling Sunset rely on to sell million dollar luxury homes? Are the professional skills of the agents fairly represented throughout the series? 2b1af7f3a8