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?
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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 article: http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Tips-on-Rental-Real-Estate-Income-Ded...
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