Re: IRS Real Estate Professional Qualification?

[ Follow Ups ] [ Post Followup ] [ CREOnline Legal Forum ]

Posted by JOHN HASLACH, CPA, MST on May 12, 2008 at 10:27:56:

In Reply to: IRS Real Estate Professional Qualification? posted by Thomas on May 02, 2008 at 16:17:39:

To be a real estate professional for tax purposes, you need to work 750 hours in a real estate business and the hours must be at least 1/2 of the total hours you work. So, to get the minimum 750 hours, you need to work 1500 hours. You cannot count the hours worked for an entity if you are less than a 5% owner. You also need contemporaneous records of your hours.

Follow Ups:


Post a Followup

Name    : 
E-Mail  : 
Subject : 

Comments:

[ Follow Ups ] [ Post Followup ] [ CREOnline Legal Forum ]

CRE Online, Inc. © 2007, All Rights Reserved.
creonline.com