Feb. 13, 2024
How to qualify as a real estate professional?
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Could unlocking the secrets of the IRS Publication 925 be the game-changer in your real estate ventures? This episode peels back the layers of what it means to be a real estate professional and the substantial tax benefits that could follow. I'm Brian Kiczula, your guide through the maze of passive activity and at-risk rules, demystifying how rental income could be reclassified from passive to active, offering a chance to use losses to offset other active income.
Discussion points:
- Get IRS Publication 925 and read it!
- How to qualify as a real estate professional
- You have to work in the business for more than 50% of your time
- That amount of time has to be at least 750 hours during the tax year
- Passive vs. active income
- What activities qualify for real estate professional status
- How to get real estate professional status
- Send us your questions and comments, we’re happy to help
Resources:
IRS Publication 925 https://www.irs.gov/publications/p925
Brian Kiczula LinkedIn https://www.linkedin.com/in/briankiczula/
Real Estate Explainer https://realestateexplainer.com/
USTAGI https://ustagi.com/
