How many properties do I need to own to be treated as a real estate enterprise?
You can own any number of properties—even if it’s only a single property—to potentially qualify as a real estate enterprise. However, the properties must be the same type, meaning that residential real estate and commercial real estate cannot be mingled. In the case of a taxpayer who owns both commercial and residential real estate, each type could potentially be classified as its own real estate enterprise.
What are the safe harbor requirements?
In order to qualify for the Section 199a deduction, all four qualifications must be met for each real estate enterprise:
- Separate books and records must be maintained for each rental real estate enterprise. When a real estate enterprise contains more than one property, this requirement may be satisfied if income and expense information statements for each property are maintained and then consolidated.
- 250 or more hours of rental services must be performed per year for each real estate enterprise.
- Contemporaneous records must be maintained that document hours, dates, and types of services performed as well as the person who performed the services.
- The taxpayer must attach an election statement to their return.
if you qualify to treat multiple k-1s as an Enterprise, I have no idea why Turbotax won't let you do it.
if these are Publicly Traded Partnerships, it wouldn't matter because each stands on its own.
Yes
No
