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Message
re: Real Estate Professional-Investment Tax Benefits
Posted on 5/31/13 at 8:40 am to SippyCup
Posted on 5/31/13 at 8:40 am to SippyCup
quote:
You better make damn sure you meet the qualifications to be considered a real estate professional.
+1000
This cannot be stressed enough, if you claim this election, keep good records. If you claim it without qualifying, You're entering a world of pain. Let me say that again:
Here's a simple test:
1. Does a company engaged in a real estate activity in which you own 5% or more of the company currently employ you?
If the answer is yes, you are a Real Estate Professional.
If the answer is no, continue with 2.
2. Do you work outside of the home?
If the answer is no, then go to 4 below.
If the answer is yes, go to 3 below.
3. Do you spend more hours in real estate activities on an annual basis than you do in your other business?
If the answer is no, then you cannot qualify as a Real Estate Professional.
If you're married and file a joint return, have your spouse complete this portion of the questionnaire.
If the answer is yes, then go to 4 below.
4. Do you spend a minimum of 750 hours per year in real estate activities?
If you answered yes and have no other profession, you are a Real Estate Professional.
If you answered yes and passed the test of 3. above, you are a Real Estate Professional.
If you answered no, you cannot be a Real Estate Professional.
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