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Updated over 2 years ago,
Real estate professional tax status- Can I qualify?
Hello,
To start off, I contacted my accountant and he said he did not think I would qualify.
I'd like an opinion here because I'm not sure I agree.
I could be wrong.
I work a W2 job for a city as a comissioner in the building department for the typical 2000 hours a year.
I also have an LLC home inspection business that I can legally show 978 hours worth of work that matches my income from my W2.
I also purchase my first rental property in 2021 that I can show about 100 hours worth of work at.
Since then, I purchased a BRRRR property in 2022 that I've done all the improvements on myself.
Can I qualify for the Real Estate Professional tax status?
Should I even try?
If this is the wrong forum, I'm sorry.
Thanks in advance.