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

Notice 2019-7 Real Estate Enterprise - at what level must election be made?

Level 2

An individual directly owns interests in a few small rentals, and he also owns interests in single-member and/or multiple-member LLCs, each of which also own a couple of similar rentals.  All of the rentals are managed by the same management company.  The LLCs appear to qualify as Real Estate Enterprises per Notice 2019-7.  

Here's my question:  For the pupose of the 250-hour requirement, must each LLC separately decide whether to group the properties that each owns, or can that determination be made at the individual level instead based on his combined direct/indirect interests in all of the properties? 

Any help is certainly appreciated!





0 Cheers

This discussion has been locked. New comments cannot be posted on this discussion anymore. Start a new discussion

1 Comment 1

@itonewbie @TAXOH Are you perhaps able to weigh in on this?

0 Cheers