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Updated almost 8 years ago,
Real estate professional situation
Hi!
I have W2 income and my wife works on and off at retails. We have 3 rentals that both names are in title. Those 3 properties are under my own LLC, and my wife is NOT in LLC or she does not have her own LLC either. As I have a demanding full time job, my wife helps and spends quite a bit time (more than 750 hrs a year) for rental properties and real estate business in general.
Is she qualified as Real estate professional? If not, is there any way that she can become one if we change the structure?
What I am not so sure is that both names are in title but loans are only under my name. Does it matter? And also she is not a part of my LLC at this moment.
My understanding is that she doesn't need to be real estate agent or broker, but she has to own at least one rental property, and works more than 750hr a year for the real estate business.
Thanks for your time!
Yoshi