Am I a Real estate professional?
Hello all,
First post. We have been investing in SFHs for a few years. Currently having 4 rental properties with plans for more.
A year ago I left my w2 job and formed my own LLC for my primary income. I currently design, negotiate and contract for home improvement projects (roofing,siding,windows, kitchens and baths) which I then sell to 3 local contractors who do the work.
My question is would I qualify as a real estate professional for tax purposes. I know contractors would. I present as a contractor and contract directly with the home owners. But don’t do the work myself.
I know I should tax to a tax professional and will be hiring a real estate tax professional to do my taxes this year for the first time however just preparing and want to understand if I qualify
Any advise from the knowledgeable out there?