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Updated over 2 years ago,

User Stats

109
Posts
37
Votes
Pierre E.
Pro Member
  • Washington, DC
37
Votes |
109
Posts

Who Qualifies for IRS-REPS - Real Estate Professional Status?

Pierre E.
Pro Member
  • Washington, DC
Posted

IRS-REPS Status - What qualifies as Real Estate Professional?

I have reviewed multiple sites blogs posts etc about REPS and found very detailed information, but one area still remains less clear for me. There are 11 categories it gives for REPS qualification. I get all the other stipulations, but what are some examples of jobs that have allowed qualifications for REPS? For example, would spending 750+ hours being a wholesaler count? Would someone who stages properties and does real estate photography count? Does being a property inspector count? Would someone who does mobile notary for closings count? CPA’s and Mortgage Lenders don’t count, but Appraisers and of course real estate agents do according to case studies.  Anyway trying to build a better list of examples of people that have actually qualified.

Looking for examples that qualify or examples in these 11 categories below of
“real property trade or business is any real property trade or business that is involved in:”

- development, redevelopment,

- construction, reconstruction,

- conversion,

- Acquisition, brokerage

- Rental, leasing

- operation, management,

Trying to gain a more clear and detailed understanding on that part. (for example I am going to assumed the appraiser in a case that was studied qualified because they were involved in the actual acquisition part and they were directly interacting with the property and providing a service for both the seller and buyer.

Any insight or examples that someone could share would be helpful, thank you!

  • Pierre E.
  • Loading replies...