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Investors & landlords
You should report each rental unit's income/expenses. There is an election you can make to treat all rentals as a single activity. This is not supported by TurboTax, but if you have multiple properties, it may not be a bad idea to consult a tax professional and get this done.
The default rule is that each property is treated as an independent activity for which the taxpayer must satisfy the material participation requirement, unless the taxpayer elects under Sec. 469(c)(7)(A) to treat all interests in rental real estate as a single rental real estate activity.
‎June 3, 2019
12:05 PM