199A statement. Safe harbor

Forum|Forum|4 years ago
October 14, 2021
1 reply
2 views

Do I need one 199A statement if I have 10 rental properties that I have aggregated in one business or 10 of them?? I am also Electing IRC Section469(c)(7)(A) to my Federal 1040fTax form.

Mike9241

Level 15

there is no elction stament inTurbotax. you must attach a statement which will require you to mail in the return.

The following is an example of what this election may look like:

I hereby make an election pursuant to Section 469(c)(7)(A) of the Internal Revenue Code. I am a qualified taxpayer and elect, pursuant to IRC Section 469(c)(7)(A) to treat all of my interests in rental real estate as a single activity starting with my 2020 tax return

TurboTax does offer an aggregation statement for 199A

in desktop version search box type in QBI schedule B

Mike9241

toofan1Author

Level 4

Let's see whether I understood you correctly:

if I attach the following statement:

I am a qualified taxpayer and elect, pursuant to IRC Section 469(c)(7)(A) to treat all of my interests in rental real estate as a single activity starting with my 2020 tax return.

I will not need to attach 199A statements for my 10 Rental properties??