What You Need To Qualify For Real Estate Tax Advantages
Christmas is Coming and tax season is right around the corner. As a real estate agent, there are a number of tax advantages you can use. However, in the eyes of the IRS, there are some things you will need to be able to qualify for the tax incentives.
IRS Definition of a Real Estate Professional
To take advantage of real estate tax advantages, you must be a “real estate professional.” According to IRS Publication 925, you must meet both of the following requirements to qualify:
1. You must spend more time in real estate activities than non-real estate activities.
2. You have to spend at least 750 hours per year in real estate activities.
Do you qualify for IRS tax incentives as a real estate agent?
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