I'm in construction, am I "real estate professional"?

[James Parla]

Hey all, this is my first time posting on bigger pockets, hope I'm doing this right. I've been learning about real estate for over a year now and bought my first LTR in February. I'm under contract right now for a second single family house that will be a BRRRR. After listening to the last podcast 689 I wanted to ask the question of am I considered a real estate professional? I have my own construction business so I receive 1099s. I frame new construction homes and after listening to the podcast I thought hey maybe I'll qualify and then be able to run a cost segregation study on one if not both of the properties and then take that deprecation/loss against my 1099 income. Any help would be great. Thanks everyone

I posted this in a different forum and then thought this may be a better spot, thanks again

[Ashish Acharya]

That is for REPS status. You also have to materially participate in the rental you are doing cost seg. There is also a limitation on how much W2 you can offset. This is not a DYI project. Please reach out to your tax advisor.