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tp owns 4 partnerships 100% involved in real estate. He has

tp owns 4 partnerships 100%...
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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Answered in 16 minutes by:
9/4/2013
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
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Hello! I am a CPA here to assist you with your tax questions. My goal is to provide you with excellent service today.

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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

Megan C
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Thanks, Stephen for your positive rating. Please come back and visit MyVirtualCPA for any of your tax, finance, or social security needs. It was a pleasure working with you today.
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