
010. Real Estate Professional Status for GPs of Syndicates and Funds
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About this listen
- Real estate professional status allows individuals to offset passive losses with non-passive income, but it requires meeting specific requirements and material participation in real property trade or business.
- Qualifying for real estate professional status can be challenging at scale, especially for fund managers and large-scale operators who may be more removed from day-to-day operations.
- The determination of real property trade or business and the ownership structure play a crucial role in qualifying for real estate professional status.
- Seeking professional advice is essential to navigate the complexities of real estate professional status and optimize tax savings. Ownership tests and layering can impact eligibility for real estate professional status.
- Employee ownership may not be applicable to the real property trader business.
- Scale is a unique consideration when determining real estate professional status.
- Keeping detailed records is crucial to support claims of real estate professional status.
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