Hello thank you for making a video like this. I found it informative but lacking in certain areas. For instance, I own three rental properties and I do all the work for them. I do all the maintenance electrical plumbing air conditioning.. Everything. I interview tenants, advertise and write my own leases. Literally everything. I have well over 750 hours. Am I qualified as a real estate professional? Do I need to have a log of my hours? What are the particulars to make sure that I have everything perfect so if I am scrutinized they find no flaws. You give definitions but very little elaboration. I need more.
Another great one bro. Thank you. Hey, I wholesale and flip houses. I haven't started in rentals yet. Do these two activities or activities there in qualify or its strictly rentals?
Hey, thanks for the awesome video. Very well done with a lot of great information. I have one question. Where do I elect to be a real estate professional on my tax return? Is there a special form I need to file? Also, do I aggregate on the same form? Thanks again, you’re awesome I love the video and your content! You’re very talented and have a lot of insightful information. Thanks, Matt
If a spouse qualifies on their own (total hours they work and fraction worked in addition to the other stipulations) and they do their taxes jointly, does that mean passive losses can be written off on the total household income?
I work part-time. I have 44 properties. Out of these I manage about 10 of them. I also have a mini storage facility that I manage. Now since I manage some of these properties can I qualify as a real estate professional? Does Mini Storage count? My lease rent time for my mini storage is 1 months so no short term rental with them. My concern is the properties that the management company manages. Can I add any hours I also do dealing with these properties? Or since I don't put more hours in than they do on these properties may I used all properties that I participate in or only the ones I manage? Can I count the mini storage hours I work? Can I combine the mini storage with the properties I manage to reach this 750 hours?
You say managing finances is considered investor hours. Even if they are directly related to your rentals? Like say, collecting rent, depositing rent, dealing with banks and tenants over bounced checks...?
Collecting rents, dealing with banks/tenants will all count toward RE pro hours. If you had a property manager and were just reviewing monthly financials that they send you, that won't count.
![How Qualifying as a Real Estate Professional Creates BIG Tax Savings [Tax Smart Daily 001]](http://i.ytimg.com/vi/5JxXHqxvr-0/mqdefault.jpg)
![How Qualifying as a Real Estate Professional Creates BIG Tax Savings [Tax Smart Daily 001]](/img/tr.png)
![Walkthrough: How a Short-Term Rental Investment Can Result in BIG Tax Savings [Tax Smart Daily 060]](http://i.ytimg.com/vi/SGD5-NTxVCk/mqdefault.jpg)
Compact video, straight to the point and mentions exactly what's relevant and what to keep in mind. Awesome starting point!
Good info, you answered some questions I had.
Hello thank you for making a video like this. I found it informative but lacking in certain areas. For instance, I own three rental properties and I do all the work for them. I do all the maintenance electrical plumbing air conditioning.. Everything. I interview tenants, advertise and write my own leases. Literally everything. I have well over 750 hours. Am I qualified as a real estate professional? Do I need to have a log of my hours? What are the particulars to make sure that I have everything perfect so if I am scrutinized they find no flaws. You give definitions but very little elaboration. I need more.
great video! very helpful thank you!
Another great one bro. Thank you. Hey, I wholesale and flip houses. I haven't started in rentals yet. Do these two activities or activities there in qualify or its strictly rentals?
Is there a way to use prior year suspended losses and take advantage of them on your taxes once you become a real estate professional?
I have the exact same question!
@@lucky88888 me too
What are some examples of demonstrating material participation?
Great info!
Whom do you have to issue a 1099 to?
A Handyman for example?
How can I contact you we need your help with our taxes
Hi @james at home. You can learn more here: www.therealestatecpa.com/youtube
Hey, thanks for the awesome video. Very well done with a lot of great information. I have one question. Where do I elect to be a real estate professional on my tax return? Is there a special form I need to file? Also, do I aggregate on the same form? Thanks again, you’re awesome I love the video and your content! You’re very talented and have a lot of insightful information. Thanks, Matt
You missed 2 scenarios - 1. spouse's help with ones W2 and 2. Temporary Rentals
If a spouse qualifies on their own (total hours they work and fraction worked in addition to the other stipulations) and they do their taxes jointly, does that mean passive losses can be written off on the total household income?
I work part-time. I have 44 properties. Out of these I manage about 10 of them. I also have a mini storage facility that I manage. Now since I manage some of these properties can I qualify as a real estate professional? Does Mini Storage count? My lease rent time for my mini storage is 1 months so no short term rental with them. My concern is the properties that the management company manages. Can I add any hours I also do dealing with these properties? Or since I don't put more hours in than they do on these properties may I used all properties that I participate in or only the ones I manage? Can I count the mini storage hours I work? Can I combine the mini storage with the properties I manage to reach this 750 hours?
Do you recommend a Real Estate CPA?
we can help you!
Yes
So if I make less then 100k and only have one rental can I deduct the 25k from my W2?
Yes, if your rental has $25k in taxable losses.
When you say offset other income, you mean active income, from a w2?
Yes. Active income
You say managing finances is considered investor hours. Even if they are directly related to your rentals? Like say, collecting rent, depositing rent, dealing with banks and tenants over bounced checks...?
Collecting rents, dealing with banks/tenants will all count toward RE pro hours. If you had a property manager and were just reviewing monthly financials that they send you, that won't count.
Yes!
No, I already qualify as a Real Estate Professional and deduct them all against rental income.
If you are taking real estate losses, you're not doing it right.
No
How Donald Trump and other richies are materially participating in their real estate activities? or they have a loophole?
Yes
Yes
Yes