W2 employee...filing real estate professional
I just had the privilege of going through my first tax audit and fortunately came out with a no change. However, I wanted to take a second to remind any investors who are still gainfully employed, and self manage their real estate portfolio, the importance of keeping a detailed ledger of their material participation in their business, i.e. per location, hours spent, as well as description of task. I assure you the 750 hours is just a bench mark and it will be scrutinized if you still have a W2 job or are not a licensed realtor.