To anyone who has knowledge, here is my situation:
I own and operate mandate manage two residential rental properties. I also work in the commercial real estate industry as my main job performing accounting duties for a real estate company that own, operates, manages a portfolio of commercial real estate. Can I qualify as a real estate professional as a result? I and my wife combined make over 150k but have paper losses in our rentals we would like to offset our other income with.
Thanks in advance to any one who can offer advice!
Do I qualify as a real estate professional for tax purposes?
If you work a normal 40 hour week, then your personal services time as an employee is 2080 hours per year.
To meet the 50% test for real estate professional status, you would have to prove that you are spending at least 2081 hours per year in your rental property business (a business that you own). Failing that, you can not claim real estate professional status.
I am enrolled in a pre-nursing program at my local community college. By the end of the summer next year, I should have all the health science courses (biology, anatomy, microbiology, etc.) on my transcript that are prerequisites for nursing school.
In March, I will apply to nursing school for an early admission decision to start in Fall 2012.
It goes without saying, that I am just sitting on my rental portfolio and plan to hold what I have now for future retirement income.