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My wife is a real estate agent, who I file a joint return with. We have two rental properties. Turbotax asks if rentals qualify as a trade or business. How to answer?

My wife is a real estate agent, who I file a joint return with. We have two residential rental properties. Turbotax asks if rentals qualify as a trade or business. Do rental activities qualify for this as she is materially active as a real estate agent / professional? 

1 Reply
Patrice
New Member

My wife is a real estate agent, who I file a joint return with. We have two rental properties. Turbotax asks if rentals qualify as a trade or business. How to answer?

Yes, rental properties do qualify as a trade or business. Owning rental property qualifies as a business if you do it to earn a profit and work at it regularly, systematically, and continuously.

Full IRS articlehttp://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Tips-on-Rental-Real-Estate-Income-Ded...


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