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Best practices qualifying as a real estate professional
I am looking into how to properly document my time to make sure I qualify myself as a real estate professional in the eyes of the IRS in order to write off my passes losses off against my active income. What do some of you do to meet those requirements and make sure if you are audited, you have all the proper documentation and there is no confusion or penalties? Time tracking apps, etc? Thanks!
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Michael Plaks
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This is a good intro:
https://www.biggerpockets.com/blog/real-estate-professional-status-save-money-on-taxes