REP Status while converting Primary Residence to Rental Property

[Ben DeMora]

Can I get REP status/hours while renovating and converting our primary residence into a fully furnished rental property by end of 2023?

(Through this extensive renovation, I will meet the IRS guidelines for REP [>51% time, 500 hours and 750 hours, etc]).

I was told by my tax preparer that the property must be rented in order for hours to count towards REP; however I'm seeing the following paragraph in the IRS guidelines:

"A real property trade or business is any real property development, redevelopment, construction, reconstruction, acquisition, conversion, rental, operation, management, leasing, or brokerage trade or business (Sec. 469(c)(7)(C)).