a What requirements must be met in order for a taxpayer to deduct up to $25,000 of passive losses from rental real estate activities against active and portfolio income b What requirements must be met in order for a real estate rental activity to be considered a real estate business that is not sub...

a Individual taxpayers who have actively participated in the rental of real estate may deduct losses ...

a. What requirements must be met in order for a taxpayer to deduct up to $25,000 of

Question:

a. What requirements must be met in order for a taxpayer to deduct up to $25,000 of passive losses from rental real estate activities against active and income?
b. What requirements must be met in order for a real estate rental activity to be considered a real estate business that is not subject to the passive loss rules?
Portfolio
A portfolio is a grouping of financial assets such as stocks, bonds, commodities, currencies and cash equivalents, as well as their fund counterparts, including mutual, exchange-traded and closed funds. A portfolio can also consist of non-publicly...