Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

QBI REAL ESTATE SIGNATURES

michele
Level 7

Why is the safe harbor real estate election for both husband and wife when all the properties belong to the husband. Also when aggregating properties I assume there is no easier way for the election we have individuals that have 50-75 properties I had to go in and mark each property with a 1 to get them to flow on one election state. well i should say it took a couple of pages to list all the properties.


thx

Michele

0 Cheers

This discussion has been locked. No new contributions can be made. You may start a new discussion here

1 Solution

Accepted Solutions
itonewbie
Level 15

Signature by both taxpayer and spouse: I suppose you could have just the taxpayer sign in the absence of clear guidance but there's joint and several liability on a MFJ return anyway.

Safe Harbor: With 50-75 properties, it sounds like there's a possibility these could rise to the level a §162 ToB.  Have you review the facts and circumstances to determine whether safe harbor is necessary?

Aggregation: If the taxpayer opts to apply §3.02 of Notice 2019-07, IMHO, election to aggregate under §1.199A-4 would not be necessary or appropriate as §3.02 would treat all similar properties as one single rental enterprise and one trade or business.  See a recent discussion on this topic here: https://accountants-community.intuit.com/questions/1836204-cannot-see-if-this-was-answered-yet-if-ag...

---------------------------------------------------------------------------------
Still an AllStar

View solution in original post

0 Cheers
1 Comment 1
itonewbie
Level 15

Signature by both taxpayer and spouse: I suppose you could have just the taxpayer sign in the absence of clear guidance but there's joint and several liability on a MFJ return anyway.

Safe Harbor: With 50-75 properties, it sounds like there's a possibility these could rise to the level a §162 ToB.  Have you review the facts and circumstances to determine whether safe harbor is necessary?

Aggregation: If the taxpayer opts to apply §3.02 of Notice 2019-07, IMHO, election to aggregate under §1.199A-4 would not be necessary or appropriate as §3.02 would treat all similar properties as one single rental enterprise and one trade or business.  See a recent discussion on this topic here: https://accountants-community.intuit.com/questions/1836204-cannot-see-if-this-was-answered-yet-if-ag...

---------------------------------------------------------------------------------
Still an AllStar
0 Cheers