Real Estate Professional

[Catherine Javier]

Good day everyone! Newbie here, trying to explore being a Real Estate Professional.

My spouse and I recently closed on a rental property in FL, it needs rehab. Both of us are Travel Nurses. My spouse just finished her contact and will be going back to FL to manage the contractors and buy new appliances while I stay in WA and continue being a Travel RN.

My question is, if she will work on a contract position (36 hours a week) and maybe do it for 3-4 mos, can she qualify as a Real Estate Professional if she's work 36 hrs a week, and say she will successfully satisfy the statutory test  (>750 hrs  &  > 50 % of her time)

Thank you so much!

[Jeff Copeland]

A couple of thoughts:

1. It's going to be difficult to meet the IRS requirements owning only a single property (unless it's a large apartment complex). 

2. 750 hours is a minimum, but material participation in your real estate holdings also has to be her primary job. Just pointing out that if she works 900 hours (or whatever number) as a nurse, she has to document 901 on real estate. 

Here is the best guide I've found on the subject of achieving and documenting REPS status: https://www.therealestatecpa.c... (I have no affiliation with them, not self promoting).