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Question

Where can I combine rental real estate interests as a real estate professional (REPS) within Turbo Tax Online?

Forum|Forum|2 years ago
October 24, 2023
2 replies
0 views

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TurboTax Self Employed Online

Employee

Real Estate Professionals: The election for real estate professionals to aggregate their activities
under IRC 469(c) (7) is not supported.

See https://digitalasset.intuit.com/DOCUMENT/A2ETBITdw/122122-2022-unsupported-calcs-L1FQfTTgn.pdf

You may be able to do this in Forms Mode, but that is only available in the desktop versions of TurboTax.

Employee

@Anonymous_ not sure if this would work. So "check me" on this.

Lets say you have three rental properties you want to aggregate.

Basically, you enter all three as a single property, listing each property separately in the Assets/Depreciation section. This would mean the totals for all properties listed would be under Column A of the SCH E. Of course, this also means one can't realize any suspended losses on any of the properties until all properties under this single column are sold.

Employee

I am not sure it makes a great deal of difference since a statement that the taxpayer is making the election pursuant to Section 469(c)(7)(A) needs to be filed (in accordance with Section 1.469-9(g)(3)). As a result, a TurboTax user is left with no choice other than to draft that statement and print and mail the return.