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Multiple sources of income
HELP!!!
I could use some guidance.
I have (3) sources of income:
I have a W2 job that I work 9-5, I have a rental property business where I own several rentals, and I am a Real Estate agent.
Last year taxes killed us and we owed. I contacted a CPA, who is different than my current tax preparer who told me that because I am a W2 employee that I am not considered a Real Estate professional, and that my rental properties are considered passive and my losses aren’t as helpful since I make more than $100k or not helpful at all if I make over $150K. He suggested that I take more expenses with the real estate business.
Because I have a full time job, I don’t sell many houses, maybe about 3 or 4 a year. I take clients out every now and then to view homes etc. I may take clients out to lunch or dinner, but again I don’t do the volume business like most realtors. I basically only track my mileage and gas using an app for this job.
My rentals basically manage themselves. I have great tenants who take care of the properties. Rent goes in, mortgages come out each month. If I have to make a repair I call a company and pay for it out of this account. Currently I use a software that is geared specifically for landlords to keep up with all of this.
Is all of this correct?