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Level 2
December 7, 2019
Solved

I made aggregation election for 3 rental properties and have included a statement regarding such. Should there only be one safe harbor election as Lacerte is making 3?

  • December 7, 2019
  • 1 reply
  • 12 views

Lacerte makes safe harbor election for each rental property but shouldn't it be only one election for the real estate enterprise?

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Best answer by itonewbie

Notice 2019-07 is not specific about this but my view is that one statement listing all three properties should cover all of them as one enterprise.

1 reply

itonewbie
itonewbieAnswer
Level 15
December 7, 2019

Notice 2019-07 is not specific about this but my view is that one statement listing all three properties should cover all of them as one enterprise.

---------------------------------------------------------------------------------Still an AllStar
Level 15
December 7, 2019
Personally, it would seem to me that three separate elections could be interpreted as treating it as three separate enterprises.