Q&A: How Do I Qualify as a Real Estate Professional? - Episode 667

Investing in Real Estate with Clayton Morris | Investing for Beginners

Clayton Morris

Business News, News, How To, Business, Education, Investing

4.1 • 1.1K Ratings

🗓️ 7 September 2020

⏱️ 18 minutes

🔗️ Recording | iTunes | RSS

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Summary

Rental income is taxed differently if you qualify as a real estate professional with the IRS. However, reaching pro status takes a time commitment of 750 hours per year. If you're thinking about becoming a real estate professional, you might be wondering what types of activities count toward those 750 hours.

On this Q&A Monday, I'm answering a listener question about how to qualify with the IRS as a real estate professional. Additionally, I'm taking two more questions about refinancing after using business lines of credit, and how to make the most out of the equity in your rental property.

Transcript

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0:00.0	With Peloton offering up to 400 pounds of selected bike plus and tread packages,
0:04.7	you might go all in with their classes and become a marathon training, shadow boxing, weightlifting,
0:09.2	yoga-loving force of nature, or you may just want to be able to touch your toes.
0:15.0	From big sweaty goals to bendy toe touching goals and everything in between
0:18.8	start strong with up to 400 pounds of selected Peloton packages.
0:22.8	Offrons 31st of January 2024.
0:24.7	Internet Connection and Peloton all access membership at 39 pounds per month required.
0:27.8	Terms apply.
0:28.4	See 1 Peloton.
0:29.2	Code at UK. Welcome in the investing in real estate show. I'm Clayton Morris. So glad to have you here on this labor day. I hope you have the day off and are enjoying some time with the family
0:44.1	and know we're going through extraordinarily difficult times right now and gosh labor
0:48.4	means a whole lot of different things right now given the current pandemic and so many people without jobs, people with
0:55.3	unemployment benefits that have all been dried up and gosh knows all other kinds of
1:00.1	laboring that we're having to do right now. So I hope you're having a good holiday.
1:03.7	Today is one of our Q&A episodes
1:06.2	where we answer your real estate related questions.
1:08.6	We've got some great questions today.
1:10.5	And so I don't want to waste any more time, but remember you can always leave us a question just by going to Morris invest.com slash Clayton.
1:18.8	You have to go to the slash Clayton part.
1:20.9	So Morris Invest.com slash Clayton, we'll have a link in the
1:23.4	description below. Leave us like a 30 second voicemail. Try to keep it short
1:26.7	and sweet and give us any sort of real estate related questions that you might be
	...

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