qualified real estate professional

qualified real estate professional

An outdated IRS term related to the passive activity rules. See real estate professional, which is the modern term.

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Commissioner, (12) a taxpayer who personally did most of the maintenance and repairs on rental property was found to be a qualified real estate professional. The taxpayer had no other occupation and devoted all of his personal time to the rental activity.
This article provides an overview of tax provisions that may apply to qualified real estate professionals under Section 469 of the Internal Revenue Code (IRC).
Every hour spent by the taxpayer that counts toward material participation with respect to the actual properties owned by the taxpayer also counts toward the hours required to be a qualified real estate professional (as they fall within both circles).
(www.MountainTrustMortgage.com) have embarked upon a consumer awareness campaign to ensure that prospective home buyers and home sellers know that while there are many avenues for researching real properties available for sale, the most timely and reliable information can only come direct from a qualified real estate professional.
Still, homeowners are quite naturally concerned about overbuilding for their neighborhood, and where this is a major concern, there is no substitute for an independent appraisal by a Realtor or other qualified real estate professional.
Retain a qualified real estate professional. Some people choose the do-it-yourself approach to find the right home in the right place, but most do not.
In 1994, T became a qualified real estate professional. A broke even and B generated $50 of net income.
This has attracted large-scale projects such as Shams 1 whereby an on-site, well-trained team of highly qualified real estate professionals satisfy all client requirements.
Qualified real estate professionals who fail to make the grouping election may not currently rely on the safe harbor reporting provision of Revenue Procedure 2010-13.
Qualified real estate professionals often overlook the fact that they are able to treat their unrelated real estate rentals as nonpassive activities.
The need for qualified real estate professionals has spurred the launch, as well as the restructuring and advancement of several real estate programs at colleges and universities nationwide.
While passive loss reform measure in the House version enables qualified real estate professionals to use losses from rental property to offset income from all business activity, the Senate version will only enable the rental losses to be used to offset income from that activity.

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