Treasury Regulation 1.469-9(g) requires a tax payer to file a written statement and attached it to the original return. this election can not be made on an amended return or during an audition. Dose this matter.
Also , where to get the Form to file 469(c)(7)(a), or a statement will be enough
A: The comment re "original return," relates to a timely filed election. Rev. Proc. 2011-45, Section 4.02 (page 3) provides: "Procedural requirements for requesting relief. The taxpayer must attach the statement required by § 1.469-9(g)(3) to an amended return for the most recent tax year and mail the amended return to the IRS service center where the taxpayer will file its current year tax return."
For an excellent discussion of the procedure, see this article (scroll down to: Recent Change of Heart by the IRS—Issuance of Rev. Proc. 2011-34).
Thank you for the very good information.
Is it possible that you give me the essential elements that I need to included in the statement so I can draft the amendment by my self.
You certainly have been providing me with excellent response .
The essential elements of the election are completely described in Section 4.01 and 4.02 of Rev. Proc. 2011-34. The statement must expressly declare that:
The taxpayer must attach the statement to an amended return for the most recent tax year and mail the amended return to the IRS service center where the taxpayer will file its current year tax return. The statement must (1) expressly elect "to treat all interests in rental real estate as a single rental real estate activity," and further state that the taxpayer is a "qualifying taxpayer for the taxable year and is making the election pursuant to section 469(c)(7)(A)", (2) must explain the reason for the failure to file a timely election, and (3) must include the representations enumerated in the four paragraphs above. The statement must also (4) identify the taxable year for which it seeks to make the late election. And (5), the statement must state at the top of the document “FILED PURSUANT TO REV. PROC. 2011-34.” Lastly (6), the declaration and representations must be accompanied by a dated declaration, signed by the taxpayer which states:
Note: The individual or individuals who sign must have personal knowledge of the facts and circumstances related to the election. The Rev. Proc. does not require that the taxpayer actually declare such personal knowledge -- however, if someone without personal knowledge signs the statement, then that would invalidate the statement if the lack of personal knowledge is later discovered in court.Hope this helps.