pm-zz
Level 3
07-07-2020
08:05 PM
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The loss numbers are irrelevant to the question. It's a Vacation Rental (i.e. these people use the property as vacation property every year and also rent it out.) This individual is NOT a real estate professional.
Rented FMV 299 days
Personal use 66 days
Proseries is automatically classifying (X) as "other passive exceptions" thus allowing a % of the current year loss as a deduction. AGI is north of $3 million. P/Y return prepared by Big 4 and similar scenario and % of the loss deducted as "other passive exceptions".
I guess the question is the proseries worksheet reliable ?