Can a full-time mortgage broker be a real estate professional for purposes of avoiding the passive loss limitations on ownership of a rental condominium in a resort area that is managed by a management company.
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From IRC ยง 469:
A mortgage broker would not fit this description. In addition, there would have to be material participation with the rental - which obviously does not exist. In short, this person is not a RE Pro.Real property trade or business
For purposes of this paragraph, the term ``real property
trade or business'' means any real property development,
redevelopment, construction, reconstruction, acquisition,
conversion, rental, operation, management, leasing, or brokerage
trade or business.
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