3525663
Try as I might, Turbo Tax refuses to classify me as a real estate professional. I am filing Sch E for long term rentals and Sch C for short term rentals. At one point it was working, then it quit. When I start the walk through , it asks me if I spend 750 hours or 1/2 my time on real estate. Yes. Then is skips the question where I materially participate. It caps my deductions when it should not be doing that. How can I fix this? I've been looking for HOURS.
You'll need to sign in or create an account to connect with an expert.
After you have indicated that you are a real estate professional, you will need to answer the material participation question for each separate rental property.
Go through the Property Profile section for each individual rental property included on your return and there is a material participation question that will come up in that section.
Thank you for the quick reply. I went through that section again and it did not change anything on that property on Schedule E. I guess I need to delete it and start over?
Yes, you won't be able to switch the Schedule E entries to a Schedule C, you will need to delete the Schedule E and start over.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
JandClrk
New Member
thadley52
New Member
Farmgirl123
Level 4
Bmck345
Level 2
Farmgirl123
Level 4