soni7007
03-04-2009, 09:21 AM
Hi-
We own a condo in another state which was rented out in August 2008. The condo was vacant before that since we were trying to rent it out since January 2008. Now, we manage the property ourselves. We were responsible for all the work involved in renting out this place.
When i file the taxes, it asks whether u spent 750 hours and whether u spent 50% of ur work time doing real estate activities.
I do not have any time logs for this. But, we definitely spent 750 hrs (between me an my spouse) managing the property. What do I select when asking whether i am a real estate professional or not?
I think anyone who is a tax professional would know what i am talking about.
Please let me know what should i do, appreciate you input.
Thanks
We own a condo in another state which was rented out in August 2008. The condo was vacant before that since we were trying to rent it out since January 2008. Now, we manage the property ourselves. We were responsible for all the work involved in renting out this place.
When i file the taxes, it asks whether u spent 750 hours and whether u spent 50% of ur work time doing real estate activities.
I do not have any time logs for this. But, we definitely spent 750 hrs (between me an my spouse) managing the property. What do I select when asking whether i am a real estate professional or not?
I think anyone who is a tax professional would know what i am talking about.
Please let me know what should i do, appreciate you input.
Thanks