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election under Reg limiting business interest

Level 1
Reg 1.163(j)-9

Is Lacete going to provide a form for the election under Reg 1.163(j)-9 for a business to elect to be a real property trade or business? We prepare dozens of tax returns for partnerships and S Corps that will make this election and don't want to have to type out an additional Information schedule with the required statements in each return.

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2 Comments 2

Steven, we do not have plans to add at this time, but you can use the Other Elections screen in Lacerte and ProConnect Tax Online. Lacerte and PTO already include the Taxpayer Name and SSN/ EIN in the Other Election statement. The rest the election can be a copy/ paste from a Google Doc into the Other Election screen.

To make an election for a real property trade or business or a farming business, attach an election statement to a timely filed original tax return (including extensions). Once the election is made, it is irrevocable. The statement must be titled “Section 1.163(j)-9 Election” and must  contain the following information for each electing trade or business:
• The taxpayer’s name;
• The taxpayer’s address;
• The taxpayer’s social security number (SSN) or employer identification number (EIN);
• A description of the taxpayer’s electing trade or business, including the principal business  activity code; and

  • A statement that the taxpayer is making an election pursuant to section 163(j)(7) (B) (as an electing real property trade or business) or (C) (as an electing farming business), as applicable.


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Level 1

What about the requirment to recalculate deprecatuion to ADS will Lacerte be able to do that calculation?

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