Licenses are typically required if you plan to work in a professional real estate role, like as an agent or broker.

Readers should seek professional advice.

The thread addresses a different topic, the Real Estate Professional status, but the same principle applies to the hours in both contexts.

Readers should seek professional advice.

These are professionals with additional training and a stricter code of ethics.

Seriously though, if you haven't already get your self a solid real estate-focused tax professional in your corner.

These are professionals with additional training and a stricter code of ethics.

We are not real estate professionals.1) How would you handle the classification of the property in the 2023 tax year and would you utilize a STR depreciation strategy?

The sooner you start these conversations, the better prepared you'll be when the right deal comes along.Local professionals can also be an invaluable resource.

Depreciation is another powerful tool, allowing you to deduct a portion of your property’s value annually.Action Step: Keep detailed records of all expenses and consult a tax professional to ensure you’re claiming every deduction you’re entitled to.3.