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rlmn2
New Member

I am a real estate professional...where do I enter a house purchased in 2016 that we are renovating to re-sell? It did not sell yet

 
1 Reply
DianeW
Expert Alumni

I am a real estate professional...where do I enter a house purchased in 2016 that we are renovating to re-sell? It did not sell yet

The information for you situation is answered with detail below. Determining whether you are a real estate professional for tax purposes is determined by certain factors:

To be a real estate professional, a taxpayer must provide more than one-half of his or her total personal services in real property trades or businesses in which he or she materially participates and perform more than 750 hours of services during the tax year in real property trades or businesses.

https://ttlc.intuit.com/replies/5937091

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