Remove 2013 Remove Apartment Remove Contractors
article thumbnail

Are Housing Societies Taxable? Income Tax Rules Every RWA and Apartment Association Must Know

ADDA

Apartment living entails a number of shared responsibilities, such as maintaining lifts and managing common funds. CIT (2013) made it clear that interest from non-member sources, like banks, violates mutuality. Apartment Owners Associations (AOA) or Resident Welfare Associations (RWA). What, if anything?

article thumbnail

How to Obtain “Real Estate Professional Status”: A Major Tax-Saving Opportunity

American Apartment Owners Association

On the other hand, activities like communicating with tenants, overseeing contractors, and performing repairs are generally eligible. Supporting evidence like receipts, emails, and contractor invoices adds another layer of credibility to your claim. Its important to note that not all activities count toward material participation.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

How to Obtain “Real Estate Professional Status”: A Major Tax-Saving Opportunity

American Apartment Owners Association

On the other hand, activities like communicating with tenants, overseeing contractors, and performing repairs are generally eligible. Supporting evidence like receipts, emails, and contractor invoices adds another layer of credibility to your claim. Its important to note that not all activities count toward material participation.

article thumbnail

Best Passive Real Estate Investments: The Lazy Investor’s Guide

SparkRental

and I never field a phone call or negotiate with contractors. It takes enormous amounts of work: work to find good deals on properties , work to find financing, work to oversee and negotiate with contractors, work to advertise vacant units and screen tenants , sign leases and collect rents, and maintain units over time. 15% interest.