Solved
Not recognizing me as a Real Estate Professional.
I have been checking the box for more than 750 hrs/year and the program will qualify me as a professional real estate, but now with 2017 it's not recognizing me.
Spending more than 750 hours in real estate alone is not sufficient to qualify as a real estate professional. You need to pass all the following four tests.
In Turbotax, you need to check both boxes saying that you spend more than 750 hours a year actively involved in real estate and that you spent more than 50% of your work-related time involved in real estate
You are a real estate professional if all of the following are true:
- You materially participated in a real property trade or business.
- More than half of your time is involved in real estate activities during the year.
- You materially participated for more than 750 hours in this business.
- You materially participated in each rental real estate activity.
A real property trade or business is any business that involves property:
- Development
- Construction
- Redevelopment
- Reconstruction
- Acquisition
- Conversion
- Rental operation
- Management
- Leasing
- Brokerage
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