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Updated almost 9 years ago,
Real Estate Professional for tax purposes question
I have a question that I am hopeful someone here will know. For tax purposes, the real estate professional designation is something that is very helpful if you are an investor. Would a home inspector be able to claim this designation for tax purposes? I know that property managers such as people running apartment complexes can claim this. However, if an investor was also a home inspector for his primary income, would this qualify him as a real estate professional for tax purposes, thus removing the $25,000 cap for depreciation loses?