If I own rental property and every year I drive to property and make improvements. Does that make me a professional real estate person?
01436
1 Replies
Anonymous_
Level 15
Jan 18, 2020 9:13:36 AM
"Does that make me a professional real estate person?"
You qualify a real estate professional if you meet both of the following requirements:
More than half of the personal services you performed in all trades or businesses during the tax year were performed in real property trades or businesses in which you materially participated.
You performed more than 750 hours of services during the tax year in real property trades or businesses in which you materially participated.