Real estate prof 750 hr - Spidell

Real estate prof 750 hr

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Message Board Real estate prof 750 hr

This topic contains 3 replies, has 2 voices, and was last updated by Mike Giangrande 3 weeks, 1 day ago.

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  • #182480

    Hello,…can you use hours towards real estate professional if you are prepping a commercial building to rent out? Client is doing cost segregation now but I am assuming they can’t take depreciation but perhaps they can take repairs expense…can the tile spent on the repairs don’t towards 750 hr even though building is not being rented out?

  • #182494
    Mike Giangrande

    Yes, you can count the time spent preparing the commercial building to rent out toward your 750 hour requirement for real estate professional status.

  • #182642

    Thank you…so even if the place has not been rented out for two years…you can still take those losses?

  • #182761
    Mike Giangrande

    Unfortunately, your question requires a deep analysis of the facts and circumstances that is not conducive to a message board.

    All I can say is that you should review the real estate professional rules under sections 469(c)(7) and 1.469-9.