Can a Section 469(c)(7)(a) election be done in turbo tax? I would like to ask if I can do so to elect to aggregate all my rental real estate activities online through Turbotax without mailing any documents. This is for tax year 2024. I read through mutiple thread and look like you can do so using Desktop version and through Forms Mode. But still want to hear more thoughts from our community to confirm.
Thanks so much
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The election for real estate professionals to aggregate their activities under IRC 469(c) (7) is not supported at this time.
However, you can paper-file your return and attach a statement to make the election.
Making the Election (Journal of Accountancy)
"A taxpayer makes the election by filing a statement with the taxpayer’s original income tax return for the tax year (Regs. Sec. 1.469-9(g)(3)). This statement should explicitly declare that the taxpayer is a qualifying taxpayer (i.e., the taxpayer meets the requirements to be a real estate professional) for the tax year and is making the election under Sec. 469(c)(7)(A). Once the election is made, it is binding for the tax year in which it is made and for all future years in which the taxpayer is a qualifying taxpayer, even if there are intervening years in which the taxpayer is not a qualifying taxpayer."
Thank you so much. Do you know which address this election letter has to be sent to? Can I just sent the election letter alone and file Turbotax electronically , or I have to send the election letter and my return via mail?
You must attach the your election letter with the return and send via mail. The address to file your return depends on your state of residence. Click here to determine where to file your return.
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