The reconciliation is automatic.

You really should consult with a CPA, although you are late in the game for 2016 (your tax return is due Monday - although I see that you are in Boca, so you do have IRS relief until 1/31/18 as a result of Irma). 

That is true, but both the House and Senate version contain these changes to Section 121 so it is very unlikely that the reconciliation process will cause any new changes to this clause.

Got a 30 day reprieve 👍 What a relief!

@Ashish Acharya I thought the change to 25 years depreciation for residential property didn't make it through reconciliation?

What a relief that was!

While they attempt to offer some type of relief through mortgage forbearance we all know that all costs above and beyond merely the mortgage payment can range up to 50%, forbearance does not apply to all property owners (read the details) and of course the money needs to be paid back.6. 

Everything I’ve read on the proposed new law says single family properties are exempt unless they’re owned by corporations or REITs.Here’s a couple articles from today that mention it and there’s language in the bill about it as well:https://www.latimes.com/california/story/2019-09-11/california-renters-relief-legislation-gavin-newsom-rent-cap?

I have one tenant that I helped apply for this through the All Chicago rent relief program.

This was a huge relief after what I read online about them (some horror stories about customer service, fees, late payments, etc.).