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Real Estate Professional Status/Time Tracking
Any recommendations on the most efficient way to track your time when classified as a real estate professional? My accountant wants me to start doing this in the event of an audit being I’m starting larger projects and will be implementing cost segregation
Thanks
I just use a spreadsheet and log hours by week
@Mayer M. I have a spreadsheet I created for clients. Would you like a copy of it? I can share it with you if you want.
@Caleb Genry
That’d be awesome! Thanks.
@Mayer M. FYI, a Cost Segregation Study will "not" increase your chances of an IRS audit. It is standard practice and component level depreciation is encouraged by the IRS.
Though it is very important to track you time as you go along. An audit could be triggered by a number of factors that don't line up when run through the IRS's system, and create an exception. Things in your tax filing need to be really off to do this.
Being a REP/active participant and using cost seg to offset a spouses (or your own if that's all you do) W-2 wages is fairly common practice. Though, it is always better to be "safe than sorry". If you are audit for some reason, if you then slap together a spreadsheet to record time, the auditors will know right away. Track weekly like a time sheet.
Would either of you be willing to explain cost segregation and benefits of using it as an agent?
@Mayer M.
Excel will be the best way to track your hours.
You should have something where it is set up in the following way
Column 1 = Date
Column 2 = Activity Done
Column 3 = property #
Column 4 = amount of hours spent
Good luck!
-
CPA
- Basit Siddiqi CPA, PLLC
- 917-280-8544
- http://www.basitsiddiqi.com
- [email protected]
@Caleb Genry can you send the ñog to me as well?
@Caleb Genry I'm looking for a easy to use spreadsheet as well. Would you be willing to share with me?
I use a spreadsheet to the same way. It’s just four simple columns. Make sure it’s updated though as the IRS will ask for it to be produced quickly.
Originally posted by @Caleb Genry:@Mayer M. I have a spreadsheet I created for clients. Would you like a copy of it? I can share it with you if you want.
Would appreciate if you can send the spreadsheet to me. thank you
@Caleb Genry I would love a copy please - if you’re willing to share. Thanks!
@Caleb Genry I would love a copy please - I am not sure how detailed it needs to be Thanks!
I created an electronic google doc time tracker:
Time Log
Contemporaneous time log of rental real estate activities
Activity Description
Tenant recruitment
Tenant screening
Negotiating and executing leases
Overseeing repairs and maintenance
Communications with tenants and vendors
Travel time
Research for potential rental real estate (pub 925)
Acquiring rental real estate (pub 925)
Paperwork/bookkeeping/banking
Research and purchase of materials
Rent collection
Eviction
On-site cleaning
Bill payment
Other:
Time Spent
Date
MM
/
DD
/
YYYY
Submit
@Caleb Genry I would love a copy also if you don't mind sharing. Thanks in advance
@Caleb Genry, please send me a copy of the spreadsheet. All the best,
@Caleb Genry Please send me a copy as well if possible. Much appreciated!
Originally posted by @Basit Siddiqi:@Mayer M.
Excel will be the best way to track your hours.
You should have something where it is set up in the following way
Column 1 = Date
Column 2 = Activity Done
Column 3 = property #
Column 4 = amount of hours spent
Good luck!
Are these the only items we need to document? they don't need the exact times (from XX:XX to XX:XX)?
Originally posted by @Mayer M.:Any recommendations on the most efficient way to track your time when classified as a real estate professional? My accountant wants me to start doing this in the event of an audit being I’m starting larger projects and will be implementing cost segregation
Thanks
Mayer, just sent you a message about the spreadsheet
@Caleb Genry I would love a copy also if you don't mind sharing. Happy New Year!
@Caleb Genry yet another request for your time tracking sheet if you don't mind. Thank you very much!
@Adrienne Patel
There’s a newish app available for this. I’ve been using it religiously and love it. REPSTracker on the App Store
@Caleb Genry hi could you kindly share your spreadsheet with me. Thank you in advance. :)
Originally posted by @Caleb Genry:@Mayer M. I have a spreadsheet I created for clients. Would you like a copy of it? I can share it with you if you want.
Also requesting a copy if possible. Thanks @CalebGenry!
Quote from @Caleb Genry:
@Mayer M. I have a spreadsheet I created for clients. Would you like a copy of it? I can share it with you if you want.
can you share it to me too.TY
@Caleb Genry would you mind sharing with me too ?