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Real Estate Professional - how to achieve 750 hours?
How many properties does a person need to hold to justificy 750 hours? For example if you own a two family house and rent both units it would be hard to justify that you worked 750 hours to maintain this. IRS does not specify this but I am sure they must have some sort of general number they keep in mind.
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Originally posted by Jon Klaus:
My CPA is defending 2 different clients right now in regards to their real estate professional status. He has one overriding message for me based on his recent experiences. KEEP A DETAILED LOG.
Not to hard to defend if the person holds a real estate license. Easy fix - get licensed.
I spend 750 hours a week just reading and replying to posts on BP!