Qualifying for Real Estate Professional Status

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Do you qualify for real estate professional status? If so, as a real estate investor normally you can offset some of your passive gain with your passive losses.
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There's a way in which real estate professionals can also offset active gain against passive losses and give you some real tax breaks.
NOW is the time to prepare for massive tax breaks before it's too late!
WATCH this special tax edition and I'll cover what you need to know about qualifying as a real estate professional to get the tax breaks you deserve for your real estate investing business.
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Carl Zoellner, Esq. is a senior attorney at Anderson Business Advisors who specializes in strategic planning for business owners with a focus on asset protection and tax planning. Carl speaks across the country to educate small business owners on the tools available for their investments from legal and tax perspectives.
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Disclaimer
The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
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Опубликовано:

9 июл 2024

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Комментарии : 11

@blaireparker-pt7fv Год назад

Great content. Super helpful!! Is there a template/ examples of most commonly forgotten items to log for hrs or most common activities.. I created my own spreadsheet for last years log but want to make sure I’m being as thorough as possible and not missing out on any additional hours/activities for this year Thanks!!

@coffeewithcarlaba Год назад

Join us for our next Free Tax & Asset Protection Workshop Livestream. Our attorneys and specialists will answer all your questions at no additional cost. Save Your Seat: andersonadvisors.com/real-estate-asset-protection-workshop-training/

@BigBadDean 2 года назад

I'm confused about the 750 hrs. My wife does real estate investing for us researching, buying and selling property and only does this (no w-2). However i manage the rentals doing the repairs/servicing and management with over 500 documented hours. However I have a full time job, so can't qualify as a REP. Does my wife qualify? or does the 750 hours have to be on the rental property and not the investment property? thanks

@coffeewithcarlaba 2 года назад

You and your wife could qualify if you file a joint return as long as one of you meet the REP requirements. You wife could qualify if she meets the 750 hour requirement and materially participates in the real property trade or business. If your wife is doing the work (managing properties, maintain the properties, building the properties) on rental and investment properties, then she could qualify as a real estate professional. Make sure you are documenting the time and effort put into the properties so you can reasonably claim the Real Estate Professional status. If the investment property is not intended for future sale or income-generation, it might not apply to the 750 hour requirement. However, if the investment property will be used in a real property trade or business (i.e. rentals) then the work performed on that property could meet the necessary requirements. Education/seminar time or researching properties is NOT counted toward the 750 hours.

@sunny-ik5tf 2 года назад

Thanks for the great information. I'm looking into getting a real estate sale agent license. Does that automatically quality me as real estate professional after I am hired by a broker? Also does the time I spend to prepare for the license count as material participation? Thanks so much.

@mtigress4589 2 года назад

No to both questions. Also, if you're going to be a W2 employee those hours won't count either.

@coffeewithcarlaba 2 года назад

Joining a brokerage will not automatically make you a real estate professional. You will be considered a real estate professional once you provide more than one-half of your total personal services in real property trades or businesses where you materially participate and where you perform more than 750 hours of services during the tax year. These requirements still apply, even if you were hired by a broker. The time spent preparing for the license can count as material participation because you are educating yourself in the real property business. We recommend keeping accurate and detailed time logs to track the time you spend doing real estate work.

@mtigress4589 2 года назад

The education part MAY count towards the 750 hour requirement but doesn't count towards the material participation requirement.

@Siystemattic 2 года назад

Someone working 750 hrs as a Realtor qualifies? What about someone working as real estate photographer in their own business? Someone that owns and operates a cleaning and turnover business for rentals specifically?

@coffeewithcarlaba 2 года назад

Unfortunately, someone who is working as a professional photographer or home cleaner would not qualify. Their customer base might be focused on the real estate industry, but they are not acting as real estate professionals.

@Siystemattic 2 года назад

@@coffeewithcarlaba Thank you for that! its hard to understand where the lined is. a real estate agent qualifies though by being an agent? would a wholesaler also meet by the same rules? Does the person have to be directly involved in a real estate transactions to be considered a real estate professional? Maybe thats the distinction?