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Updated almost 5 years ago on . Most recent reply presented by

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Steven Chen
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Steven Chen
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Steven Chen
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Tax, SDIRAs & Cost Segregation

What are the steps I need to take to be a RE professional?

Steven Chen
Posted

I am completely new to real estate and have never owned a home.

How long does it usually take to close a house? Do I buy a house and start making repairs on it for 750 hours right away to qualify?

I want to do so to deduct against a substantial amount of capital gains for 2020. I am unemployed so I have the time to invest in being a real estate professional.

Thanks!

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Stone Saathoff
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  • from San Antonio, TX
  • Member since Dec 16, 2019
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Stone Saathoff's profile image
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Stone Saathoff
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  • from San Antonio, TX
  • Member since Dec 16, 2019
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Stone Saathoff
  • Investor
  • San Antonio, TX
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Stone Saathoff
  • Investor
  • San Antonio, TX
Replied

This seems like a question better suited for your CPA. Almost every investor I work with in San Antonio, TX uses a real-estate savvy CPA who's been able to help them defer taxes.

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