General Real Estate Investing
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated about 7 years ago,
How to track hours as a RE professional
So this is the first year that I think I might have a shot at reaching the coveted "RE professional" tax status. My accountant advised me to start tracking my hours, both in my "real job" and in my RE business in 2018 (which I need to start doing, now). My question is: how detailed do I need to track my hours? I would like to be as broad as possible in order to not give more detail than necessary to the tax man.
For example, today I talked to the title company for 30 minutes about a property I have under contract. I would probably just log that as 30 minutes in "Acquisition".
Can anybody share your categories that you use in your personal tracking?