Deductions & credits

If you both have full-time jobs, then you most likely aren't considered real estate professionals.

This, from 2017 Instructions for Schedule E (rental and Royalty Properties):

You were a real estate professional for the year only if you met both of the following conditions.

  • More than half of the personal services you performed in trades or businesses during the year were performed in real property trades or businesses in which you materially participated.
  • You performed more than 750 hours of services during the year in real property trades or businesses in which you materially participated.

If you are married filing jointly, either you or your spouse must meet both of the above conditions without taking into account services performed by the other spouse.

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