Real Estate Professional Tax Loophole

Real estate professional status is a term that exists only in the tax world, as defined by the i r s. It has nothing to do with the degree you went to school for, nor which licenses you may hold. A person claiming real estate professional status must spend at least 750 hours participating in real property trades or the real estate business,. This time is calculated on an annual basis, from january one to december 31, not a weekly or monthly basis. If jamie works a side business, such as free lancing from home? She can still claim real Estate professional status if she meets all the requirements.