If I claim to be a real estate professional for tax purposes, is my income subject to FICA?
Friday, December 12th, 2008 at
8:26 am
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capn bob asked:
I qualify as a real estate professional for tax purposes. I own and manage over 25 rental properties. I have not claimed that status in the past. I have recently married and my husband has retirement and investment income in excess of the maximum income amount allowed under the passive activity rules. If I make a profit from my investments, am I subject to FICA taxes on that income? Is there a downside to claiming real estate professional status?
