In this episode we discuss the Real Estate Professional tax status. What is it? What is it not? And when can (and should) you use this tax status to your advantage.
We define what a Real Estate Professional is and how to qualify. We also launch into a couple examples of great times to use the Real Estate Professional status. Non-working spouses and cost segregation studies will allow us to qualify for the Status and maximize single year write-offs.
We also discuss how you should track your time to audit proof your return.