tccpg289
Level 4
06-06-2022
08:52 AM
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They appear to meet the criteria of a short-term rental and passive activity, therefore they are not subject to limitations on the passive activity losses.
They had previously hired a management company, but now they are taking on the responsibility of the daily tasks themselves.
Is this evaluation done on a year-by-year basis? I.e. if they had a management company initially but are now taking on the daily tasks themselves, the status would have changed.