Real Estate Professional Questions

[Dusty Laurin]

My husband and I are considering listing me as a Real Estate Professional on our taxes for 2021, and we are looking for others who have done this successfully so we can get some more detailed information on it.  We asked our CPA about it, but she had limited information.  We have a lot of questions about it and specifically about qualifying for it. 

My husband is reading "The Book on Advanced Tax Strategies (Vol.2)" by Amanda Han and Matthew MacFarland, which is where we first learned about it.  The book has some great info, but we need to expand on it to see if it is something that would work out for us.

Anyone who has experience with it, please comment or contact us to discuss further.  We appreciate any info y'all can give us.  Thank you!

[Daniel Dietz]

Hello All, 
IN regards to tracking time, we use the app Toggl. My partners and I owe 30 units in 7 different entities, and track our time working on them religiously. NOT to claim the RE Pro status (We all fall under 100K of income and have losses less than 25K each right now).

We do it because we each get compensated for the work we do (one of us does 'tenant stuff, one 'maintenance stuff' and one 'business stuff'. So we each get 'paid out' for those hours, and THEN split the profit three ways.

Toggl lets us do reports by entity, property, person, or task - such as loan paperwork, tenant turn over etc....