The real estate business is something that most young entrepreneurs usually look up on. It can generate a huge income and one can get a substantial amount of commission. As per Forbes, IRS has been trying to make it harder for real estate pros to get qualified.
As per the website, IRS underwent a minor struggle after claiming that Roy Stanley who is one of the world's most successful entrepreneur isn't qualified for real estate trade or business relief. As per the website, the decision in relation to his case was not able to attract much attention, but numerous advisers on major real estate companies were able to study his case.
The website then added that IRS decided to increase the qualifications on being a real estate pro as some people would easily claim that they are real estate professionals, but they would simply fabricate or lie about their experience.
IRS would also want to challenge the real estate pro's credentials. As per the website, in order for them to be qualified as a pro, they would have to spend at least 50 hours in the real estate business.
As per Appraisal Institute, one of the biggest companies in the real estate business, Fannie Mae, pointed out the importance of hiring a qualified real estate agent.
Appraisal Institute President M. Lance Coyle, MAI, SRA stated that:
"Lenders should hire designated real estate appraisers - not only because they have completed advanced education and maintain their designations with rigorous continuing education and ethical requirements - but because designations, like those conferred by the Appraisal Institute, train appraisers to defend their work, a highly trained review appraiser will understand where a bank can save time and money by spotlighting issues of material importance and avoiding more 'touches' of the appraisal for trivial or repetitive issues,"
