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Updated almost 2 years ago on . Most recent reply

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Pete Harper
  • Rental Property Investor
  • Streetman, TX
495
Votes |
526
Posts

Do I Qualify as a Real-estate Professional?

Pete Harper
  • Rental Property Investor
  • Streetman, TX
Posted

I'm investigating if I qualify as a RE Professional for the IRS. I'm retired with no W2 income. Primary income is from real estate, investments, pensions and IRA. We currently own 38 units held in LLCs and privately. We just turned over the day-to-day management to PM. We turned one the management to allow more time to acquisitions and renovations. Even so I'm involves with setting rents and approving repairs. My wife and I do our own renovation work and make readies. We do our own repairs except were we need licensed trades ie Plumber or Electrical. I'm currently working on a duplex renovation. We took the kitchen and bath down to bare studs and are rebuilding. We easily meet the 750 hr requirement. I have a meeting set up with a CPA, what other things are they going to be looking for?

Most Popular Reply

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8,395
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Basit Siddiqi
#3 Tax, SDIRAs & Cost Segregation Contributor
  • Accountant
  • New York, NY
3,883
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8,395
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Basit Siddiqi
#3 Tax, SDIRAs & Cost Segregation Contributor
  • Accountant
  • New York, NY
Replied

The most important aspect of it is creating the log documenting the hours.

If you are under an audit, that is the first thing that they will ask for.

I have created a nice efficient log for clients where there are a lot of drop down functions instead of typing in words to save time.

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Basit Siddiqi CPA
4.8 stars
77 Reviews

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