Do I believe J. Hyre or Robert Bruss? - Posted by Don

Posted by Dave T on March 22, 2002 at 10:40:46:

Check, IRC 469©(7)(B)

I go with “AND”

Do I believe J. Hyre or Robert Bruss? - Posted by Don

Posted by Don on March 21, 2002 at 20:35:13:

I have the highest regard for both these individuals, so don’t take this in a mean spirited way.

A while back, correct me if I’m wrong, John stated that to be considered a “Real Estate Professional” for tax purposes one had to spend 750 hours per year AND 50% of your working time in real estate activities.

However.

In Robert Bruss?s March 2002 Real Estate Newsletter under the heading “Unlimited Tax Deductions for ?Real Estate Professionals?”, Bruss states, If you spend at least 750 hours per year, OR more than 50% of your working time, in real estate activities, you may be considered a ?real estate professional.? That means you can qualify for virtually unlimited tax deductions from your real estate investments.

So, what?s a poor slob like be to do, ?OR? sure sounds juicy. :slight_smile:

Thanks in advance,
Don

“and”… - Posted by JHyre in Ohio

Posted by JHyre in Ohio on March 25, 2002 at 14:01:16:

means “both”…surely an inadvertant error by Mr. Bruss…we all make 'em! Thanks Brad and Dave.

John Hyre

Re: Do I believe J. Hyre or Robert Bruss? - Posted by Brad_GA

Posted by Brad_GA on March 23, 2002 at 17:56:09:

The following is a clip taken from the 2001 Publ 527 (Residential Rental Property)

Real estate professional.

You qualified as a real estate professional for the tax year if you met both of the following requirements.

  1. More than half of the personal services you performed in all trades or businesses during the tax year were performed in real property trades or businesses in which you materially participated.

  2. You performed more than 750 hours of services during the tax year in real property trades or businesses in which you materially participated.

It seems to me that the word and is appropriate to answer your question