Join Catherine Bazley, Tax Partner at Cherry Bekaert, and Andrew Gradman, Principal at Law Office of Andrew L. Gradman, to understand the Internal Revenue Service (IRS) definition of a "real estate professional" and learn how to qualify for this advantageous status.
In this session, we'll cover:
- Understanding the Criteria: Learn the specific requirements set by the IRS to be considered a real estate professional, including the 750-hour rule and material participation standards.
- Tax Benefits and Implications: Discover the tax advantages available to real estate professionals and how this designation can impact your deductions and passive activity losses.
- Documentation and Compliance: Get tips on maintaining proper records and documentation to substantiate your status and ensure compliance with IRS regulations.
- Case Studies and Examples: Analyze real-world scenarios to better understand how the rules apply and how others have successfully met the IRS criteria.
