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Get your taxes done using TurboTax
These rules apply as if each real estate rental activity is a separate business. However, IRC section 469(c)(7)(A) allows a qualifying real estate professional to elect to treat all such activities as one.
The issue comes when one of the properties are sold which would require separating out the cost of a specific unit, and assets that belong to that unit.
The aggregation of rentals (that is only applicable to real estate professionals) is not supported by TurboTax. And it's not a necessary requirement.
- Here is a guide for IRS Real Estate Professionals
- Also see IRS Publication 527
If this is in reference to the qualified business income deduction (QBID) more information can be found here for the required details in relationship to residential rental activities.
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‎January 26, 2022
1:46 PM