Real Estate Professional Test

June 2, 2015

 

Several test are involved when determining if an individual is a Real Estate Professional for tax purposes, however, we have provided the basic test in determining if you may qualify. Consult with Wise Tax Services prior to making the election as a Real Estate Professional for accuracy.

 

Real Estate Professional Basic Test

 

  • The taxpayer must show that more than one-half of the personal services performed by him in trades or businesses were performed in real property trades or businesses in which he materially participated; and

 

  • The taxpayer must show that he worked more than 750 hours in real property trades or businesses in which he materially participated.

 

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