Other tasks, including time spent purchasing property or traveling to and from your real estate, won't count toward the hourly requirement."Save your documents and receipts; you need to support your hours," said Troy Lewis, CPA, associate teaching professor at Brigham Young University.
If you're hoping to claim the deduction for a property you rent out, the IRS will want to know how much time you actually spent on maintenance, management and more.Do a gut check of your appetite for the deduction, and prepare for the possibility that you may have to make your case to the IRS.
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