what is recommended. The taxpayer must maintain contemporaneous records, including time reports, logs, or similar documents, regarding the following: (i) hours of all services performed; (ii) description of all services performed; (iii) dates on which such services were performed; and (iv) who performed the services. Such records must be made available for inspection at the request of the IRS.
here from info published in Real Estate Law
keeping detailed time records to demonstrate the time spent on real estate and other activities – the Tax Court will likely reject what it considers a “ballpark guestimate.” In Merino v. Commissioner, for instance, the Court rejected the taxpayer’s summary which he acknowledged was prepared “using his estimates and his memory as to how much time he spent on certain tasks with respect to the real estate rental activity.”
