My wife and I have 5 rental properties and currently report them on Schedule E. This year we retired and took on the management of the properties ourselves and meet the Materially Participation tests: > 750 hours and > 50% of our working hours. I made the selection adjustments in TurboTax and thought (probably falsely) that these 5 rentals would be aggregated and consolidated into a single Schedule C. Am I missing something? Or do I delete the 5 rentals from the Sch E Rental section and aggregate myself into a Schedule C? If the latter, do I need to add a statement of fact so that the IRS knows what I am doing? I was hoping they would aggregate to Schedule C so that I could then take a SEP IRA contribution against the net income.
