Need help. We spent days entering properties and now hit the limit. What option do we have? We have the desktop version.
TurboTax supports up to 45 rental properties being reported. Three separate properties on a single Schedule E with a maximum of 15 Schedule E's.
I have over 45 rental properties, can I get a refund? I just wasted hours entering all my info in and now I can't use your program to file my taxes?
I have the same issue here. Is there a work around to put more than 45 rental properties in Turbo Tax?
You need to use the desktop version for more than 45 rental properties. You can save the TurboTax file on your desktop and transfer it.
how do you transfer?? I have 55 rentals and the desktop version.
We have the desktop version and still has a limit. Please help!!!
Why do they have a limit at all. It's a computer, it could support 1000 schedule E's? They lost my business after 20 years.
That is an IRS limit for an e-filed Schedule E's not TurboTax.
It is NOT an IRS limit. I had to use a professional tax service package which added my additional buildings to file my taxes for 2017
Then I suggest you use that professional tax service again because only 45 properties can be e-filed using the TurboTax software.
Also Don't trick people here. You are limited by Turbo Tax at 45 properties, you can't enter any more so you can't file by mail either. You have to stop and quit at that point all you old history. If you plan to have a lot of rental properties this isn't the program for you. Until they fix this problem.
have they fixed the problem with only 45 properties for 2021 turbotax
@alshaver wrote:
how is this an irs limit?
It is the IRS limit when using personal tax preparation software. There is no limit when using professional tax preparation software.
You may have the option to aggregate properties together and treat that group as a single entity. Basically, you could make Group A for three rental properties. Each property would be listed separately in the assets section for that group. The only downside is that you can't realize all of your losses until you sell or dispose of all the properties in that group. This and more is covered in IRC Section 469(c)(7)(A)
I've ran across of few in these forums over the years who do this because they have more than the 45 properties the program can handle individually.
https://www.law.cornell.edu/uscode/text/26/469
Just for the record, Section 469(c)(7) allows a taxpayer to treat all interests in rental real estate as one activity only if the taxpayer is a real estate professional (which is delineated in Section 469(c)(7)(B)).
Thanks tagteam. I would hope that with 51 rental properties, they'd have no issues with qualifying as a real estate pro. But then, you never know!
Absolutely, we would all probably think that would be the case, but there are a lot of people out there (I know a couple of them, actually) who own multiple properties and leave all of them to a property manager (or a management firm). As a result, they do not even come close to qualifying as real estate professionals.
Hi there @alshaver is it indeed true that turbotax now allows for more than 45 properties? If so I will buy it for my 2021 taxes. Thank you for your kind help.
@ranchoninja The TurboTax 2021 desktop editions only support 45 individual rental properties. Three properties per Schedule E and 15 total Schedule E's.
This has been an IRS limitation since efiling started 30 years ago.
@Critter-3 do you have a link that supports this, that its an IRS limitation. I do recall my accountant was able to e-file (I can confirm with them) - I had 47 last year and around 50 this year. I was told H&R Block allows more than 45, even if we have to print and mail, at least we are able to get the job done.