Hello,
I'm currently working in TT Business 2024. Upon checking for errors - I receive an error on 8825 Worksheet.
I see the verbiage, "Check this box if this rental is part of a Rental Real Estate Enterprise described in Rev Proc 2019-38"............... The check box is RED indicating that it wants me to check it.
Then below that is says "If rental is part of a Rev Proc 2019-38 enterprise, enter group # (see Tax Help). There is a number "1" populated in the box next to that statement. As far as the "see tax help", not sure where I'm suppose to see the help at.
Questions:
Where do I look for the "Tax Help" that it is referring to?
If I click on "Quick Zoom" that is next to the words "See Tax Help", then it brings me up to the Section 199A form to sign for the Real Estate Enterprise - with all the qualifications listed.
What triggered that second box to populate with a number (in my case number "1")????
I can not find where it came from/what I could have answered that triggered that to populate with a "1". If I remove it, then the red shaded box, that I mentioned above, is no longer required, BUT.....I do not want to remove the number 1, cause I don't know why it is there. Turbo Tax is just telling me to check the red box to remove the error.
After searching and reading online about the RE Enterprise / Rev Proc 2019-38, that looks like it came from the IRS, I am still not certain what benefit it serves. Can someone PLEASE summarize to make sense about what this is. It does seem that it does need to be elected each year, is that correct? Is there a benefit as far as a tax deduction?
Thanks for any help.......I have spent more hours than I know trying to figure this out, and am completely exhausted.
