Updated 4 months ago on . Most recent reply

Real estate professional status
How many of you guys have claimed real estate professional status? Any suggestions or advice?
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Natalie Kolodij
Tax & Financial Services
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HI Victoria.
Do you have a full time job doing any thing aside from real estate?
The status is based on 2 tests- 750 hours in RE but the bigger test is that you need to spend more time on RE than ANY other activities.
Historically the tax courts throw out RE PRO status if someone has a 9-5 type job.

Kolodij Tax & Consulting