In Tax Court, yet another taxpayer with W-2 income was denied in his attempt to prove his status as a real estate professional. The taxpayer worked 40 hours a week at his primary job while simultaneously overseeing the construction of a building in his city. After the building was put into operation, he claimed more than $23,000 in depreciation, which he used to reduce his W-2 income. The IRS conducted an audit and denied the use of depreciation. The taxpayer appealed the decision, asserting that he spent more time on the construction project than on his primary job, but his claims were deemed untrustworthy and were rejected. The conclusion is this: if you have a high W-2 income reported on your 1040 return (without significant participation in that company), it will be very difficult to prove this status. The Tax Court consistently rejects such claims, even in the most convincing cases. #TaxCourt #W2Income #RealEstateProfessional #IRS #Depreciation #Audit #TaxAppeal #IncomeTax #TaxLaw #TaxTips #RealEstateInvesting #TaxStrategy #TaxAdvice #HighIncome #TaxDeductions #1040Form #TaxCompliance #TaxpayerRights
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