@Anonymous_ wrote:
@bertexie wrote:
Turbotax is only showing residential real estate 27.5 yrs..... if my understanding is correct, how to I technically chose 39 yr in Turbotax?
That choice is not available because you are entering the property on Schedule E when, technically, according to Treas. Reg. §1.469-1T(e)(3)(ii)(A), you should be entering the property on Schedule C (i.e., it is treated as a business, not a rental activity).
I disagree. It is not a rental activity FOR PURPOSES of Passive Losses. That does not necessarily mean it is not a "rental" for other purposes and needs to goes on Schedule C. The way the tax return is set up, Schedule C is for a business that is usually subject to SE tax. And unless the activity is providing "services" to the tenants, it would not be subject to SE tax.
So I think Schedule E is correct (and 27.5 years).
