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Real estate professional status
Most people know about the STR RE professional loophole. If you are developing ground up construction and have another w2...would that qualify yours a RE professional?
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Michael Plaks
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Michael Plaks
#1 Tax, SDIRAs & Cost Segregation Contributor
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#1 Tax, SDIRAs & Cost Segregation Contributor
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Missing the important piece that @Jason Watson pointed out. It's not 40 hours/week plus 750 hours/yr. It's 40 hours/week plus another 41 hours/week in real estate. 81 hours per week, documented. Does not fly.
And if you claim that you only spend 20 hours a week for your W2 job, an IRS auditor will request a confirmation from your employer. Will your employer confirm?