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• W876887337 abstract "Taxpayers that own several rental properties have to make many decisions when it comes to reporting income or loss from those properties. Among them is whether it would be more beneficial for the income or loss to be characterized as active rather than passive. If the taxpayer wants active characterization applied to income (e.g., to reduce or eliminate liability for the new Sec. 1411 net investment income tax) or loss (e.g., to avoid the Sec. 469 passive loss limitation), it must then decide whether to aggregate the rental activities. If the taxpayer decides to aggregate the activities, filing the election under Sec. 469(c)(7)(A) to do so is crucial. It may behoove taxpayers to file late election, as the IRS now allows in certain instances. REAL ESTATE PROFESSIONALS For individuals and certain entities, Sec. 469(a) generally disallows for the tax year any passive activity loss, defined as the excess of the aggregate losses from all passive activities for the tax year over the aggregate income from all passive activities for that year. A passive activity is any trade or business in which the taxpayer does not materially participate. Rental activity is treated as per se passive activity unless the taxpayer is real estate professional. Under Sec. 469(c)(7)(B), taxpayer qualifies as real estate professional, and rental real estate activity of the taxpayer is not per se passive activity under Sec. 469(c)(2), if (1) more than one-half of the personal services performed in trades or businesses by the taxpayer during the tax year are performed in real property trades or businesses in which the taxpayer materially participates, and (2) the taxpayer performs more than 750 hours of services during the tax year in real property trades or businesses in which the taxpayer materially participates. In the case of joint return, these requirements are satisfied if (and only if) either spouse separately satisfies them. (For more on real estate professionals and material participation, see Higher Stakes for Tax Treatment of Rental Real Estate, JofA, Dec. 2013, page 56.) The default rule is that each property is treated as an independent activity for which the taxpayer must satisfy the material participation requirement, unless the taxpayer elects under Sec. 469(c)(7)(A) to treat all interests in rental real estate as single rental real estate activity. For taxpayers with multiple real estate properties, especially those with other jobs outside their rental operations, meeting the material participation requirement for each property separately is usually unrealistic. MAKING THE SEC. 469(C)(7)(A) ELECTION A taxpayer makes the election by filing statement with the taxpayer's original income tax return for the tax year (Regs. Sec. 1.469-9(g)(3)). This statement should explicitly declare that the taxpayer is qualifying taxpayer (i.e., the taxpayer meets the requirements to be real estate professional) for the tax year and is making the election under Sec. 469(c)(7)(A). Once the election is made, it is binding for the tax year in which it is and for all future years in which the taxpayer is qualifying taxpayer, even if there are intervening years in which the taxpayer is not qualifying taxpayer. A taxpayer can revoke the Sec. 469(c)(7)(A) election only in the tax year in which a material change in the taxpayer's facts and circumstances occurs or in subsequent year in which the facts and circumstances remain materially changed from those in the taxable year for which the election was made (Regs. …" @default.
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• W876887337 date "2014-08-01" @default.
• W876887337 modified "2023-09-23" @default.
• W876887337 title "Electing to Aggregate Rental Activities: Better Late Than Never" @default.
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