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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16547
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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tp owns 4 partnerships 100% involved in real estate. He has

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tp owns 4 partnerships 100% involved in real estate. He has no other source of income except for investment income. One additional partnership lists tp as owning 49% and lists tp as a limited partner rather than a general partner. Can tp still qualify as a real estate professional?

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If the taxpayer meets the qualifications of real estate professional - meaning he spends more than 750 hours a year on each activity then he can qualify for real estate professional

MyVirtualCPA :

But he must meet the test for each activity - so it's possible that there are endeavors where you do not qualify for real estate professional.

MyVirtualCPA :

HOwever, if you are in a limited partnership, as a limited partner, you would not qualify on that activity as a real estate professional.

MyVirtualCPA :

You can read the following article for clarification: http://realtytimes.com/rtpages/20080717_realpro.htm

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