According to the instructions for Schedule E, to be considered a real estate professional you must meet the following IRS requirements:
- "More than half of the personal services you performed in trades or businesses during the year were performed in real property trades or businesses in which you materially participated.
- You performed more than 750 hours of services during the year in real property trades or businesses in which you materially participated. "
You must meet these requirements for each property and each tax year you make the election.