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Tax, SDIRAs & Cost Segregation
HomeForumsTax, SDIRAs & Cost SegregationReal Estate Professional or Not?
Account Closed's profile image
Account Closed's profile image
Account Closed
  • from Kerrville, TX
  • Member since Nov 25, 2014
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Account Closed's profile image
Account Closed's profile image
Account Closed
  • from Kerrville, TX
  • Member since Nov 25, 2014
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Account Closed
  • Kerrville, TX
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Tax, SDIRAs & Cost Segregation

Real Estate Professional or Not?

Account Closed
  • Kerrville, TX
Posted Nov 26 2014, 13:23

Hello,

My wife and I finished building our first rental this year and it is in service:)  I am talking with a new cpa about the upcoming tax season and when I brought up the idea of claiming my wife as a real estate professional, he really didn't like the idea.  I am not sure why as my wife was the general contractor, she has a GC license from the city and we well exceed the 750 hour requirement?  Our AGI will be high enough that it will severely limit us taking any losses.

If anyone has any other insights/comments please let me know.

Thanks in advance,

Ed C. 

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