Real estate election relief
If you have been posting negative numbers from real estate investments to your return on the theory that you or your spouse is a real estate professional, you should make sure that you have made the election. If not you may want to consider requesting relief. Furthermore, I generally believe in keeping tax returns indefinitely, but if you must dispose of some of them, be sure to keep the return for the year that you made the election. It is relevant for all future returns in which you are claiming its effect and I know from experience that you cannot rely on the IRS to preserve it for you.
Pigs Get Fed
“Pigs get fed. Hogs get slaughtered.”. I tried to research the origin of the expression and the claims of origin I found all post dated my first exposure to it. As one of my partners commented we really had no idea if there was any agricultural reality to the expression. Unlike some other expressions (“Same difference” “No harm. No foul.”), though, I had a pretty clear idea of the inherent advice. It was that you should be aggressive, but not too aggressive.
Follow Me
Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.