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Am I a real estate professional in the eyes of the IRS?
I recently sold my insurance business and I’m now a full time real estate investor.
I have 40 units, some multi family and some SFH. I self manage all my properties. I also flip 5-10 houses per year. Can I qualify as a real estate professional for tax purposes? I'd love to be able to use more of my losses on the rental side. Thanks for y'alls advice and input!
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Eamonn McElroy
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Eamonn McElroy#5 Tax, SDIRAs & Cost Segregation Contributor
#5 Tax, SDIRAs & Cost Segregation Contributor
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Not enough information here to determine.
Being a 'real estate professional' doesn't automatically make your rental real estate losses non-passive.
If you have 40 units and flip 5-10 houses per year I would consider working with a CPA.