Cathy Clark : Are You a Real Estate "Professional" According to the IRS?

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Are You a Real Estate "Professional" According to the IRS?

By: Cathy Clark
Saturday, February 23, 2008 11:36 AM

I thought this article in Realty Times was interesting:

http://realtytimes.com/rtpages/20080221_targetagents.htm

Is the IRS in cohoots with the AG? Or am I just paranoid? A conspiracy theory is forming in my mind that my "Profession" is in the Federal Governments crosshairs.

Wonder if we have time duck......

Comments

Guest	Irs » Blog Archive » Are You a Real Estate “Professional” According to the IRS? said: PingBack from http://irs.caniblog4u.info/?p=6222 February 23, 2008 12:23 PM
Member Since '05	Dan Grammatica, e-PRO said: The IRS should fry bigger fish. There's plenty of CEO's around getting obsence amounts of money. Go check them out. I don't think you should worry about it. Maybe there should be a minimum wage for realtors instead. Does the IRS work for FREE or on a contingency? February 23, 2008 3:56 PM
Member Since '05	Cyd Weeks said: "A Real Estate Professional, in the eyes of the IRS, is someone who spends more time in real estate activities than in any other job, trade or business and who spends at least 750 hours per year in those activities. " If you are spending 750 hrs PER YEAR on real estate you aren't effected by this at all. Any one here not spending at least 14 hrs a week on real estate? February 24, 2008 9:36 AM
Member Since '05	Jana Davis & Marcia Demerjian said: How do you prove that Cyd in a down market? I see the problem. Jana February 25, 2008 2:18 PM
Member Since '06	Cathy Clark said: Exactly,Jana. We don't punch a clock. I also wonder if they are targeting any other professions. February 25, 2008 7:22 PM
Member Since '05	Cyd Weeks said: You don't have expenses, mileage, phone records, email records, don't do floor time, show up at the office, don't have listings, sales, etc? They are trying to close the loophole for people who are really investors but carrying a real estate license in order to avoid paying commissions. I see no danger at all to a Realtors®. February 25, 2008 8:14 PM
Member Since '07	Candice A Donofrio said: According to the IRS I'm an entertainer. LOL! (kidding, sort of) February 26, 2008 9:52 AM
Member Since '06	Cathy Clark said: Your a Jackie of All Trades and do them all well! February 26, 2008 12:40 PM
Member Since '07	Wyla Salo GRI said: Living in a rural area it feels like I spend fourteen hours a week in the car! March 10, 2008 3:47 PM