I'm working within the Wage & Income section and came upon a section that asked if I am a Real Estate Professional.

[argarcia951]

The questions it asks, I can answer yes to (I spend more than 750 hours per year actively involved in real estate and I spend more than 50% of my work-related time involved in real estate). I work part time (30-35 hours/week) for Colliers Int'l, a commercial real estate company but I am not licensed yet. I also have one home (that we own outright) that we rent out.

I need to know if I should complete the questions as though I do qualify. And will this TurboTax Premier provide necessary forms and processing?

[Ashby · Accepted solution]

You do not qualify for the "real estate professional" designation. The "activity" in question is the income/loss generated from you rental property. Right now, you are an employee of Colliers and you also have a rental activity. The time spent with Colliers cannot count towards the designation. So, your rental property is considered a passive endeavor. Should you expand to more properties or become an independent broker, you would need to revisit your eligibility.

See image below taken from https://www.irs.gov/pub/irs-pdf/p925.pdf Page 6.

[argarcia951]

Thanks for the quick response. Your answer is what I suspected.

[Ashby]

No problem. Good luck with the RE career!