sjrcpa
Level 15
03-14-2021
12:42 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
If you make the 163(j) election then the depreciable life becomes 30 years. You will need to change it manually.
You need to evaluate each client to decide upon the election. Extensions are good. (Also because in case a change is needed you can't amend BBA partnerships but you can file superseding returns.)
FWIW, we make the election on almost all real estate partnerships/LLCs with interest expense and losses.
Ex-AllStar