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Updated over 7 years ago, 03/26/2017
Can I write off MORE if I have a RE License?
My husband and I own a SFR we rent out in California. We make excellent income from it, FINALLY (1st year claiming with a 1099). He works a full time job. I am the non employed half. We just had our taxes done and BOY did we pay!! We have to do quarterlies now.
Since I do a whole lot of nuthin (besides run a small farm for fun at our rental house)...My Realtor pal told me I should get my RE License so we can write more off. I found an online course from her that she uses for her crew to get licensed for only $200 (accredited). I went thru the workbooks/Exam Cram and aced it already (haven't taken the course yet) because it all relates to my previous job. So the online course should be easy (they guarantee you'll pass or $$ back)
We are not interested in purchasing more properties, accessing MLS, all the other stuff I've seen you all are stating are pros. I don't even want to work in a real estate office/selling. I just want the tax situation to be improved. We are older (the Mr is about 5 years from retirement) and I'm not up for a whole new career. THAT SAID... I wouldn't mind being able to understand what's what when the time comes for us to get to purchase the rental we live in now!
So seeing as how I have time and all, and the cost is not that much, will it save us anything off the taxes? Because even tho she says yes, it looks like there's more I'd have to do thru out the year. I DO actively do a lot for our rental (pool maint every week, fixing every lil tiny thing every week, etc...). Does that matter?
THANKS all!!