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Updated 10 months ago,
How to put 750 hours to qualify as real estate pro for tax
My husband is working full time. I'm housewife taking care of our child and rental properties.
We have 5 SFR and one apartment building out of state, managed by PM. We bought the apartment building vacant last year and since then put a lot of money in it for rehab. last year we had $78k passive loss. Our AGI is over 150k.
I put a lot of time managing the rehab. Also I'm planning to partner up with friends to acquire more rental properties.
But what counts into that 750 hours? It seems that researching for properties doesn't count. What about time spent seeking investor as syndication sponsor? time spent selling property?
Will it help if I get real estate license and practice as agent in my state? thanks