Real Estate Professional

[Oh Baby!]

If an LLC which owns 30 properties, elects to be treated as a real estate professional, would a separate schedule on form 8825 be completed for each property or would all 30 properties be reported as a single activity on form 8825?

Please help.

Thanks!

[Lee B]

This is not quite this simple. First is this a single member or multi member LLC.

Second is whether it's a good idea to combine i.e., I believe it's called an "election to aggregate".

Also "material participation rules" and "passive loss rules" also come into play

There are pros and cons to doing so. I think some research and in depth study is called for in this case.

I sure some of members which have more experience in this area will respond in more detail.

[michaelmars]

THE LLC doesn't do any elections. that is done at the individual partner level. Treat each property as a separate entity on the 8825.
Some of the partners may be professionals while others aren't.