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Is a separate Sch E safe harbor required for each rental property?

dmncpa
Level 1

I have 2 properties on Sch E.  Both list property type as "commercial".  After checking the claiming safe harbor option for each I get 2 statements both labeled as "Residential & Commercial" and nothing that specifically identified the actual property from the Sch E.

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George4Tacks
Level 15

I believe the safe harbor election would apply to the return. Each individual property would have to be identified as to whether it is QBI.

I do not think just clicking the box for safe harbor will generate the election as an attachment to the return. I notice that pressing F1 does not produce any result. My guess is that they are still working on actually creating an election, OR that you are expected to create your own wording in Screen 46,  Other Election (Select your own title and text)  See the Critical Diagnostic Warning  about this election. 


Answers are easy. Questions are hard!

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1 Comment 1
George4Tacks
Level 15

I believe the safe harbor election would apply to the return. Each individual property would have to be identified as to whether it is QBI.

I do not think just clicking the box for safe harbor will generate the election as an attachment to the return. I notice that pressing F1 does not produce any result. My guess is that they are still working on actually creating an election, OR that you are expected to create your own wording in Screen 46,  Other Election (Select your own title and text)  See the Critical Diagnostic Warning  about this election. 


Answers are easy. Questions are hard!
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