The Internal Revenue Code section 469(c)(7) allows certain individual involved in the real estate business, known as qualified “Real Estate Professionals,” to deduct losses from their real estate holdings and offset other business net income with these real estate losses. President Trump, before 2016, is an example of this type of real property owner and developer. Harvey is quoted on this breaking news topic in USA Today article “ Is it possible to prepay taxes, as President Trump claims he did?”
