All Forum Posts by: Sarah Lawrence

@Alan Rohrer Thank you very much. Yes, it is my husband and I, but he works full-time.

Hi,  I am very new to real estate investing. We have a had rental property for several years, but I want to take this to the next level.  We have a major repair in our rental this year and I know that we are going to exceed the limit for allowable passive losses.  I am curious of how everyone else does this.  Do you classify yourself as a real estate professional for use in the given scenario: The IRS rules for claiming Real Estate Professional Status are very clear, and require that two key criteria be met in the given tax year:

1. More than half of the professional hours worked throughout the year must have been devoted to material participation in real estate activities;
2. More than 750 hours of material participation in real estate activities in the tax year being considered.

Or do you run it as a business as and use a schedule C?  For the real estate professional status, currently I work approximately 40 hours every 2 weeks at my current job, so would I have to work at least 21 documented hours every 2 weeks to meet the first criteria?  I apologize for being so ignorant, I just want to get started right as this is year zero. Thanks in advance for any advice!

Hello.  I am wondering how everyone deducts their expenses when offers fall through such as wire fees when they do not have ownership of that property for tax purposes.

Hi Mitchell,  

There is a meet up for real estate investors local to us.   Here is the link.  I hope you can make it!  

https://www.meetup.com/Ohio-Valley-Real-Estate-Investment-Club/