Owners of investment property can elect that Subchapter K not apply to their ventures if each owner retains a separate and undivided ownership interest in the acquisition, operation, and disposition of the property.

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This is known as electing to be treated as a "real estate professional" under the tax code, and it allows for certain tax benefits and deductions to be claimed on the individual owner's tax return.

Owners of Investment Property Can Elect That Subchapter K Not