3d • Announcements
Monthly Reminder: Clocking Work Hours + Expenses
In this business of real estate the IRS needs to know you are not simply treating this kind of business as a hobby and getting paid for it. Its important you start tracking your work hours and expenses.
In a business or tax context, Material Participation is the standard used by the IRS to determine if your involvement in an activity is active or passive. It basically boils down to whether you are doing the actual work on a "regular, continuous, and substantial" basis. If you meet the criteria, the activity is considered non-passive, which usually allows you to use business losses to offset other types of income (like a W-2 salary).
Tracking Work Hours: https://clockify.me/
Track Work Expenses: https://www.expensify.com/
I send out this remainer every month to keep you on track to becoming a legit real estate business. I will send you another reminder in 30 days. Happy to help!!
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Monthly Reminder: Clocking Work Hours + Expenses
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