ILLMAS Posted September 21, 2012 Report Share Posted September 21, 2012 Does anyone here have a sample paragraph (treating all properties as one) to include on a tax return? Thanks MAS Quote Link to comment Share on other sites More sharing options...
Elrod Posted September 21, 2012 Report Share Posted September 21, 2012 look at pub 946.......PDF] 2011 Publication 946 www.irs.gov/pub/irs-pdf/p946.pdf Quote Link to comment Share on other sites More sharing options...
michaelmars Posted September 22, 2012 Report Share Posted September 22, 2012 i believe its pre formated on the election sheet of atx Quote Link to comment Share on other sites More sharing options...
SaraEA Posted September 24, 2012 Report Share Posted September 24, 2012 Be careful with that election. It means that if any one property is sold or taken out of service, gain or loss is not recognized until ALL the properties are sold. Suspended losses remain suspended until that time. Be sure your clients aren't planning on disposing of any of their holdings until they exit the landlord business altogether. 1 Quote Link to comment Share on other sites More sharing options...
michaelmars Posted September 24, 2012 Report Share Posted September 24, 2012 But a RE Professional shouldn't have suspended loses if they qualified each year. all loses are fully deductible which might result in an NOL but not suspended loses. Quote Link to comment Share on other sites More sharing options...
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