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IR-2021-226, November 16, 2021 WASHINGTON – The Internal Revenue Service today announced that, effective Nov. 15, 2021, tax professionals are able to order up to 30 Transcript Delivery System (TDS) transcripts per client through the Practitioner Priority Service® line. This is an increase from the previous 10 transcripts per client limit. "Increasing the number of transcripts a caller can receive addresses the concerns the IRS has received from PPS callers. This is another example of addressing concerns from our partners and stakeholders," said Ken Corbin, the Wage and Investment Commissioner and the IRS Taxpayer Experience Officer. Through PPS, tax professionals can order a variety of transcripts. Practitioners can receive transcripts for up to five clients per call. There's no change to the number of clients. Transcripts available under this newly-expanded limit include the: Tax Return Transcript, Tax Account Transcript, Wage and Income Transcript, Record of Account and Verification of Non-Filing Letter. https://www.irs.gov/newsroom/tax-professionals-can-now-order-more-transcripts-from-the-irs

Being a RE pro doesn’t put the income & expenses on a Sch C. It simply makes the rental non-passive and losses are allowed in full. There’s a checkbox on Sch E. Sch C comes into play for short term rentals where you provide significant services, like a hotel.

I renewed late April. Didn’t see a reason to put it off.

Since there seem to be multiple different kinds of suspended losses, I guess it depends.

In order to take the OIH deduction, the rental activity would need to rise to the level of a trade or business. The only OIH change made by TCJA was elimination of 2106 that I am aware of.

An LLC is a business structure granted by state statute. For federal tax purposes, it is disregarded. All it does it protect (sometimes) an owner's personal assets from being seized in a lawsuit against the company. That's why it's called a Limited Liability Company. It does not make a passive activity active. Real estate professionals who meet the material participation tests file Sch C, not Sch E, and can claim home office. Your client's single rental property likely is a passive activity (unless it's a huge complex that he works on full time). In a nutshell, forming an LLC and putting property into it is a state classification and has nothing to do with federal taxation. To the IRS, it's still whatever type of business it is and all the usual rules apply.

Do your own research