Talk:Real Estate Professional
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From TaxAlmanac
Question:
Can someone qualify as a Real Estate Professional in one year but not in the subsequent years because of the following:
1. He owns three properties. 2. He is out of work for a year and thus can spend over 750 hours fixing up the properties.
In subsequent years, when he returns to work full time (not in real estate) can he not be considered a real estate professional? And, if the property is sold in the subsequent year can long-term capital gains apply?
