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Yes, this is correct. When actively employed and working as a real estate agent, one is considered a professional even if commissions haven't been earned yet. The hours/percentage of income test does not apply in the case of working as a real estate agent.
The definition listed above applies in the context of rental income from propety and its associated expenses, which is reported on Schedule C rather than Schedule E when it is received by a real estate professional as defined above.
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‎December 30, 2023
9:02 AM