Page 24 THE EVERETT ADVOCATE – FRiDAy, OCTObER 27, 2023 EVERETT HOUSING AUTHORITY GROUNDSKEEPER/CUSTODIAN The Everett Housing Authority seeks qualified applicants with a minimum of two (2) years of custodian and grounds keeping experience for full-time employment with benefits. The wage rate is $31.08/hr. with an excellent benefits package. The selected candidate must pass a physical and criminal records check. Resumes with cover letters may be submitted to Stephen Kergo, Executive Director, Everett Housing Authority, 393 Ferry St., Everett, Ma 02149 or SKergo.eha@comcast.net. Position is open until filled. Everett Housing Authority is an Affirmative Action/Equal Opportunity Employer October 27, 2023 EVERETT HOUSING AUTHORITY MAINTENANCE MECHANIC GRADE II/PLUMBER The Everett Housing Authority seeks qualified applicants with a minimum of four (4) years’ experience in all areas of building maintenance. Qualified applicants must have strong mechanical ability and knowledge of plumbing, heating, HVAC and basic electrical systems. A Massachusetts Plumber’s License is required. Applicants must also have a valid Massachusetts Driver’s License and access to reliable transportation. The wage rate for this position is $38.05/hr., with an excellent benefits package. Submit resume and cover letter to SKergo.eha@comcast.net or Stephen Kergo Executive Director, Everett Housing Authority, 393 Ferry Street, Everett MA 02149. Everett Housing Authority is an Affirmative Action/Equal Opportunity Employer October 27, 2023 Passive Activity Losses T he passive activity loss rules limit the ability of ~ Legal Notice ~ ~ Legal Notice ~ taxpayers to offset salaries, interest income, dividend income, self-employment income, passthrough income generated from active activities such as limited liability companies and S Corporations, lottery winnings, capital gain income, royalty income, pension income, IRA distributions and social security income with losses from passive activities, which are trades or businesses in which the taxpayer does not materially participate. Under the passive activity loss provisions, a taxpayer can only off set passive activity losses against passive activity income. Any disallowed passive activity loss can be carried forward to the next calendar year in order to be off set against passive activity income that might be applicable for that next calendar year. In the event there is no future passive activity income available to off set the passive activity losses against, if the passive activity is subsequently sold, all unused passive activity losses can then be deducted in full in the year of sale. Tax credits from a passive REQUEST FOR PROPOSALS “FIRE CHIEF ASSESSMENT CENTER”, Contract 24-30 The City of Everett, Massachusetts is requesting proposals for “FIRE CHIEF SOLE ASSESSMENT CENTER”, Contract 24-30. To receive a copy of the Request for Proposals (RFP), please visit Purchasing - Everett, MA - Official Website (cityofeverett.com) All proposals shall be submitted to the following address by November 13, 2023 at 1:00 p.m. City of Everett Purchasing Department – Room 14 RFP Enclosed project 24-30 484 Broadway Everett, MA 02149 The contract will be awarded under the provisions of M.G.L. c. 30B, §5. If any changes are made to this RFP, an addendum will be issued. Addenda will be posted to the City of Everett’s website. It is the responsibility of prospective proposers and or bidders to check the City of Everett’s website for new information any addenda or modifications to any solicitation. The City of Everett reserves the right to reject any and all Proposals, or to award or not to award the contract for any reason the Mayor determines to be in the City’s and/or the public’s best interest. October 27, 2023 LIKE US ON FACEBOOK ADVOCATE NEWSPAPER FACEBOOK.COM/ADVOCATE.NEWS.MA activity can only be utilized to off set income taxes associated with that passive activity. Any excess tax credits must then be carried forward to be off set against future income taxes associated with future passive activity income. The passive activity loss rules also apply to rental real estate. Taxpayers are allowed to deduct up to $25,000 per year in rental losses to be offset against all other income such as wages, interest income, dividend income, capital gain income, etc. The taxpayer must materially participate in the rental real estate activity. The deduction begins to be phased out once modifi ed adjusted gross income (MAGI) reaches $100,000. The deduction is completely phased out once MAGI reaches $150,000. These thresholds apply for both single taxpayers and married fi ling joint taxpayers. IRS Form 8582 is used to report passive activity income and losses. Any rental losses in excess of $25,000 will be carried over to future years. For each piece of rental real estate that you own, you must keep track of the unused rental losses that are carried over each year. If one of the rental properties is later sold, any unallowed rental losses will be fully deductible in the year of sale. Some taxpayers qualify as a real estate professional. In order to qualify, the taxpayer must work at least 750 hours per year in a real estate trade or business and more than 50% of the taxpayer’s total hours worked during the year must be in a real estate trade or business. There is no limit on the amount of rental loss a real estate professional can deduct on his or her tax return unless the taxpayer is subject to the excess business loss limitations as set forth in the Tax Cuts and Jobs Act of 2017. Material participation in rental real estate activities is generally achieved by electing to aggregate all of your rental activities as one activity and demonstrating that you have worked at least 500 hours during the year in this one activity. It is often very confusing for taxpayers when they receive K-1 forms from real estate investment trusts and limited liability companies reporting losses. The K-1 forms may report that the partner is a limited partner, thereby indicating no active participation. This would result in the interest being deemed a passive activity. Those losses can only be off set against other passive income. If there is no other passive income, the losses cannot be off set against any non-passive income as mentioned above. As a further note, if that same passive activity reports a large capital gain on the K-1 form as well as a rental real estate loss or ordinary business loss, the rental real estate loss and ordinary business loss cannot be off - set against the capital gain, as the partner simply does not actively participate in the entity, and the capital gain is not considered passive income. Joseph D. Cataldo is an estate planning/elder law attorney, Certifi ed Public Accountant, Certifi ed Financial Planner, AICPA Personal Financial Specialist and holds a masters degree in taxation.
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