Can a Section 469(c)(7)(a) election be done in turbo tax - Election to Aggregate All Rental Real Estate Interests In 2018 TurboTax software?

[tagteam · Accepted solution]

"Can a Section 469(c)(7)(a) election be done in turbo tax"

There is a rather lengthy thread on this issue (link below) that is still relevant.

Basically, you can make the election on a blank form using Forms Mode in a desktop version of TurboTax, but any calculations are not supported by TurboTax.

https://ttlc.intuit.com/questions/3936415-can-a-section-469-c-7-a-election-be-done-in-turbo-tax-elec...

[soodye]

Is this still the recommended way in 2021? I would like to elect to treat all my rental activities as one.

I am using TurboTax online, is the an option to create a blank form using Forms Mode in the online version? Thank you.

[tagteam]

@soodye 

Real Estate Professionals: The election for real estate professionals to aggregate their activities under IRC469(c) (7) is not supported.

See https://digitalasset.intuit.com/DOCUMENT/A5LpvlbgD/Unsupported_calcs_2020.pdf

[soodye]

Thanks for the quick reply. Does the Full Service from TurboTax (https://turbotax.intuit.com/personal-taxes/online/live/) support this? The one costs $260 based on the website I link here.

Or is my only option looking for a professional accountant? Thanks.

[tagteam]

Full Service might be able to assist you with this because you just need to file a statement that you are a qualifying taxpayer (a real estate professional) for the tax year, are making the election under Sec. 469(c)(7)(A), and then aggregate your properties.

Actually, you can most likely do the foregoing in Forms Mode with a desktop version of TurboTax, but it might require overrides which would require printing and mailing your return. 

[soodye]

Thanks! Yes, I saw your other post in another thread about using the Desktop version and blank form and best file via post to be safe. I am trying to see if I can avoid paper filing.

With the Full Service, I am hoping I don't need to manually file.