Claiming Yourself As A RE Professional

[Steve M.]

Hey Everyone ...

I know the IRS requirse at least 750 hours AND that no other *job* carries more hours than RE.

Now, my question ... What about income? I own my own business, and have no problem saying I simply manage when needed (10 hours a week if need be) However, what if my main income is my business and NOT real estate. Could I still be considered a RE Pro or am I out of luck?

Also, what are RE Investors such as yourselves using to log hours? Excel Spreadsheets, etc...?

Thanks!
-Steve

[J Scott]

Income is irrelevant for RE Professional status. As you stated, all that is required is 750+ hours of QUALIFIED activities and no other paid job that takes more time than your QUALIFIED real estate endeavors.

Notice that I used the word "qualified" to describe the hours that go towards RE Professional status. There are some very specific activities (all involving material participation) that are considered qualified, and if you're doing things outside of those, they won't count towards your 750+ hours.

Here are some more details:

http://ezinearticles.com/?Real-Estate-Professional-Status&id=987466

I use an Excel spreadsheet to track my hours and car mileage on a daily basis...