So I guess W-2 work for another company doesnt count for my REPS status?
For the hours worked to be eligible, I would have to do the those hours in my own business or on my own properties and have it be more hours than any other work that I do right?
So I guess W-2 work for another company doesnt count for my REPS status?
For the hours worked to be eligible, I would have to do the those hours in my own business or on my own properties and have it be more hours than any other work that I do right?
Not it doesn't count unless you own at least 5% of the company.
You might not need REPS at all, with your one rental property. Depending on your situation, you might already be able to take all the losses if you have them.
Even if you have more losses than what you can take, chasing REPS may not be worthwhile.
As it was mentioned, your W2 work will never count for REPS unless you own 5% of the company.
Finally, I would never be choosing my employment from a tax angle even if it could reduce my taxes. This is a classic case of letting the tail wag the dog.
Reevaluating my long-term plan at the moment and trying to figure out what moves could be possible/usefull without changing careers/starting from scratch.
Your information is great and appreciate you guys taking the time to provide good info.
So I guess W-2 work for another company doesnt count for my REPS status?
For the hours worked to be eligible, I would have to do the those hours in my own business or on my own properties and have it be more hours than any other work that I do right?
I think it can count if you own at least a 5% stake