Posted by Maarik on May 05, 2008 at 21:16:38:
In Reply to: IRS Real Estate Professional Qualification? posted by Thomas on May 02, 2008 at 16:17:39:
Thomas-
The requirements for qualifying as a Real Estate Professional are two-fold with qualifying hours necessary in the Real Estate Profession & in the specific rental activity which you are carrying on.
I can give you this generality - if you have one rental home - it is 99% likely that you will NOT qualify. The fact of your possessing a broker's license is just one of many necessities.
Penny gave good advice regarding the ATG's.