In the interview, I say I "actively participate", due to owning at least 10% and making major management decisions.
The other test, of being a real estate professional, I can't come close to meeting, at least according to the Turbotax interview concerning "real estate professional". But looking at IRS publications, it does look like I DO pass this test for "material participation": You participated in the activity for more than 100 hours during the tax year, and you participated at least as much as any other individual. (Although the 100hr figure is a little tough to justify).
Kinda seems like Turbotax may have steered me wrong ;-(. OTOH, if the only advantage of amending is to not have to mess with this $5k carry-over, and if I can figure out another way to handle it, then why bother ?
Yes, I talking about the tax return I'll soon file for 2024. The $5k carry-over is from 2023.
