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Where in Turbo Tax software (step by step process) do I declare (elect) that?"
The "election" is located in the (Step-by-Step process) Rental Properties and Royalties section. Click the Federal Taxes tab, click Wages & Income, scroll down to Rental Properties and Royalties and then click the Start button.
During the "Rental" interview, you will be presented with a page identical to the one that appears in the screenshot below. Tick both boxes and click Continue.
