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Updated over 1 year ago,

User Stats

29
Posts
11
Votes

Qualifying for Real Estate Professional Status: A Detailed Inquiry

Posted

I'm employed as a W2 computer engineer, while my wife works as a W2 software engineer. We have one short-term rental (STR) and two long-term rentals (LTRs). I'm curious about my eligibility for real estate professional status for tax purposes, given my active involvement in the following ways:

  1. I actively manage our one STR and the two LTRs (with plans for cost segregation for all three properties).
  2. I handle property management directly, without a property manager.
  3. I have already dedicated 750 hours to real estate activities this year.
  4. I'm even open to taking the realtor exam if it aids my qualification as a real estate professional.
  5. Almost daily (and without fail on weekends), I engage in various real estate tasks: visiting our property or properties, tending to the yard, monitoring and adjusting short-term rental pricing, managing tenant and guest expectations, scheduling cleaning and maintenance, caring for the lawn, and more.

My primary question is whether the activities mentioned above are sufficient to qualify me for real estate professional status, or if additional steps are required for eligibility.

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