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Updated almost 4 years ago,
real estate professional tax designation deductions?
I am probably going to file as a Real Estate Professional this year rather than try to get long term capital gains or even short term
I’m flipping too many houses and believe I will be seen as in business and not doing this as a passive investment
I definitely qualify and keep a detailed log of activities and it will be well over the 750 hours required
Besides depreciation what are Real Estate Professionals allowed to deduct? mileage? Tools? property taxes even on houses held over a year but NOT rented out?
I never really take deductions so I’m new to that aspect