Tax, SDIRAs & Cost Segregation
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated almost 4 years ago, 02/02/2021
Real Estate Professional - 750 hour question
Hello everyone! I know the criteria to be a RE Professional is 750 hours in RE and more hours in RE than any other job.
My accountant told me that I need to spend 750 hours PER PROPERTY which does not make sense. He also told me that I need to be active on every property or I can only claim active income on those properties for which I was active. That part does make sense.
For example: if I managed 123 Main St. but had a property manager manage 123 Spruce St, I can only claim active income on 123 Main St. 123 Spruce St. would be passive income.
Any insight would be helpful. Thank you.
Joe