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Updated about 1 year ago,
Do I Qualify as a Real-estate Professional?
I'm investigating if I qualify as a RE Professional for the IRS. I'm retired with no W2 income. Primary income is from real estate, investments, pensions and IRA. We currently own 38 units held in LLCs and privately. We just turned over the day-to-day management to PM. We turned one the management to allow more time to acquisitions and renovations. Even so I'm involves with setting rents and approving repairs. My wife and I do our own renovation work and make readies. We do our own repairs except were we need licensed trades ie Plumber or Electrical. I'm currently working on a duplex renovation. We took the kitchen and bath down to bare studs and are rebuilding. We easily meet the 750 hr requirement. I have a meeting set up with a CPA, what other things are they going to be looking for?