This is my first year seriously trying to qualify for Real Estate Professional (REP) status and I’m realizing how tedious it is to log hours. I’ve been experimenting with spreadsheets, but it already feels like a headache keeping everything organized by property, activity type, mileage, etc.
I’m curious:
What methods are you currently using to log REP hours (if you qualify or are trying to)?
Is it just Excel/Google Sheets, a time-tracking app, or something else?
What’s the most annoying part of this process for you? (forgetting to log, categorizing activities, proof for audit, etc.)
I’m even considering building a dedicated software/app that makes this easier.
Before I dive into it, I’d love to know if there's a real demand and what features would be must-have vs. nice-to-have?
Rental Property Investor · SE Michigan · Member since 2014 · 4k+ posts · 6k+ votes
1y
The IRS does not require you to organize your log by property, activity type, mileage, etc. The only requirement is that it be Material Participation and you have to record the time. That is two fields 1) A description and 2) Amount of time. Example:
Repaired leaky toilet at 123 Main Street. Hours include drive time: 2.5 hours
Filled out insurance application for 123 Maple Street and discussed with broker: 1 hour
A lined sheet of paper could accomplish this. If you want to have an electronic form, iphone's Notes or Google Sheet would do.
Rental Property Investor · SE Michigan · Member since 2014 · 4k+ posts · 6k+ votes
1y
The IRS does not require you to organize your log by property, activity type, mileage, etc. The only requirement is that it be Material Participation and you have to record the time. That is two fields 1) A description and 2) Amount of time. Example:
Repaired leaky toilet at 123 Main Street. Hours include drive time: 2.5 hours
Filled out insurance application for 123 Maple Street and discussed with broker: 1 hour
A lined sheet of paper could accomplish this. If you want to have an electronic form, iphone's Notes or Google Sheet would do.
I do use an App to track all my activity, helps me with analysis at the end of the year. I think it works better than a spreadsheet (just my personal opinion)