Hello.....biggerpockets family. I'm in need of a tax professional to help with my 2023 taxes. I'm hoping for someone that can help validate if we qualify for/as a real estate professional as well as 2023 tax prep/filing.
Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
2y
There are two requirements to claim real estate professional status 1) 750 hours on real estate related activities 2) Spending more time on real estate compared to something else such as your W-2 job / Business
I created a nice template for clients to document their real estate hours.
CPA | Accepting new clients | 50 States · Member since 2022 · 1k+ posts · 871 votes
2y
How much you participate and how this compares to your W=2 / other income sources is key.
Keep in mind, if you're married you may also have the option of counting the time your spouse spends on real estate toward REPS.
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*This post does not create a CPA-client relationship. The information contained in this post is not to be relied upon. Readers are advised to seek professional advice.