When a real estate professional goes beyond a broad brushstroke approach to a CMA and takes the time to research not only recent sales, but competition and expired listings, what trait are they exhibiting Diligence.
A taxpayer who owns at least one rental property interest and performs more than 50% of their personal services in real estate trades or companies in which they significantly engage is considered a qualified real estate professional.
Any year in which the taxpayer satisfies both of the following criteria entitles the taxpayer to the status of real estate professional More than half of all trades or enterprises in which the taxpayer meaningfully participated during the tax year engaged in real estate-related trades or activities.
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