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how to input for California Treat Rental Real Estate as a single activity IRC 469 c 7

Fredfig
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4 Comments 4
itonewbie
Level 15

You'd enter everything on one single Sch E.  The trick would be to track the assets related to each of these otherwise separate activities.  Unlike QBI, there's no built-in functionality to aggregate the different activities if you were to enter them the usual way.

For the election, you'd find that on Screen 46 under the button for Misc. Elections.

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Still an AllStar
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Fredfig
Level 1

Thank you for your help.

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itonewbie
Level 15

NP, @Fredfig.  If the response solves your problem, please consider marking that a solution to help others who have similar questions.  Cheers!

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Still an AllStar
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itonewbie
Level 15

Now that I re-read your question, I realize it's about CA reporting and not federal.  Since CA doesn't conform to federal tax treatment of RE professionals, Lacerte will automatically compute PAL on the CA return.  For CA tax purposes, you may need to segregate separate rental activities, which means proforma Sch E along with F.8582 may need to be prepared.  Hopefully, someone experienced in CA would come along to give you better guidance.

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Still an AllStar
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