As a long-time subscriber, I understand that the taxpayer who owns a short-term rental (average rental period of seven days or less) is exempt from the requirement to qualify as a real estate professional for purposes of deducting his rental property losses on Schedule E.

The article Know These Tax Rules If Your Average Rental Is Seven Days or Less confirms my understanding.

The IRS

I have a client who is undergoing an IRS audit and has a beach property that qualifies under ... Log in to view full article.