A couple of years ago a TurboTax agent told me that many people complained, despite the comment that the specific page reads: "Don't worry, we'll handle the details of treating separate activities as an aggregated business. You just have to tell us what activities belong together."
Thanks.
Thanks for responding, although it is not clear to me whether it is advisable...
OK, perhaps my question is a difficult one, so I'll ask something easier: how can I check if they were considered a "combined business" for last year's return?
Thanks!
So although your rentals are alike income, I would advise that it is wise to record them seperately by the address of each one. This way it clearly shows which ones have the certain expenses that you will need to claim. You want to record those on a schedule E form for rental income and then claim your deductions. You can add more income in that section after you get done recording each one. For example record 10000 as 123 hello lane and answer all the questions in regards to 123 hello lane before you add more income for 543 goodbye drive and 10000. This way they all populate on the schedule E you need but all recorded under their own income and expenses. More professional and you will get less slack back about the way it is recorded on your return.
Hope this helps.....
Thanks, I will do that.
They always had their own sch E, that is for sure. Do you know how I could check if they were reported as separate last year?
@Hal_Al Thanks. I see information about safe harbor, but not about combining business? (I see that if I use the safe harbor for a combo, I should keep doing that, but that's about it, nothing on whether it's advisable to use a combo...)
Something interesting is:
1. I saw that in the prior year, both appeared under the same sch E, while I do not remember having combined them.
2. In this year's, I chose not to combine them, so I went through a print preview and... they still show like last year, in the same sch E. In the TurboTax program you can see the sch E worksheets separate, but in the end, they appeared bundled anyway (two columns side by side) in the actual form sent out.