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Investors & landlords
There is a difference between active participant, and real estate professional. You are an active participant if you meet the requirements covered by the program. But that doesn't make you a real estate professional. Overall, if you answered the questions honestly, then I to am confident you have nothing to worry about or change.
Basically, on the selection screen that reads "So far, you're not a real estate professional", there are two checkboxes. One for if you spend more than 50% of your work related time involved in real estate, and the other for if you spend more than 750 hours a year involved in real estate. If you did not select both of those options (one option is not sufficient) then you do not qualify as a real estate professional. Again, that RE Pro status has nothing to do with being an active participant.
Basically, on the selection screen that reads "So far, you're not a real estate professional", there are two checkboxes. One for if you spend more than 50% of your work related time involved in real estate, and the other for if you spend more than 750 hours a year involved in real estate. If you did not select both of those options (one option is not sufficient) then you do not qualify as a real estate professional. Again, that RE Pro status has nothing to do with being an active participant.
‎June 3, 2019
5:30 PM