Schedule E Loss - What to Do?

[Derek Schetselaar]

Hey BP,

Question for you guys. If anyone knows a good real estate focused CPA too. Let me know.

Looking at buying a duplex, (second property) and writing off the depreciation on the property

As this would result in a loss for the year, I want to see if I can deduct it against my w2 ordinary income.

https://www.biggerpockets.com/...

This article is helpful, but I can't find anywhere where it talks about what is included in a "Real Estate Professional." Does that only mean Real Estate Agent, or can a Mortgage Guy be included in that classification.

Thanks for the help!

[J Zev J.]

@Derek Schetselaar - I believe the tax court cases rule that a "mortgage guy" doesn't qualify as a "real estate professional".