 Qual Bus deduction (by George [NY]) Mar 26, 2019 6:43 AM
 Qual Bus deduction (by WMH [NC]) Mar 26, 2019 7:08 AM
Qual Bus deduction (by MikeA [TX]) Mar 26, 2019 3:57 PM
Qual Bus deduction (by Wilma [PA]) Mar 28, 2019 2:52 PM
Qual Bus deduction (by George [NY]) Posted on: Mar 26, 2019 6:43 AM
Message:
Does anyone know if rental income can be claimed for the Qualified Business Income Deduction (Section 199A Deduction)?? --100.37.xxx.xxx |
Qual Bus deduction (by WMH [NC]) Posted on: Mar 26, 2019 7:08 AM
Message:
Found this:
w w w .kitces.com/blog/irs-notice-2019-07-199a-qbi-deduction-250-hours-safe-harbor-rental-real-estate-business/ --50.82.xxx.xx |
Qual Bus deduction (by MikeA [TX]) Posted on: Mar 26, 2019 3:57 PM
Message:
There was a thread on this a few weeks ago, it was titled something like 20% tax deduction, you should be able to find it if you search subject above with 20%.
The short answer is yes "if" you meet some outlined qualifications. Read the IRS pub.
irs.gov/pub/irs-drop/n-19-07.pdf --50.26.xx.xxx |
Qual Bus deduction (by Wilma [PA]) Posted on: Mar 28, 2019 2:52 PM
Message:
For sole proprietorships (which is what I am), the short answer is "Yes". As for the 250 hours, that requirement was only created about midway through 2018, so I believe that you don't have to document 250 hours of your time for that tax year (I did, anyway, by going back over my maintenance logs.)
For 2019 and on, keep track of the number of hours that you spend on rental-related work in a log. --71.175.xxx.xxx |
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