QBI and property mgmt
Click here for Top Ten Discussions. CLICK HERE for Q & A Homepage
Receive Free Rental Owner Updates Email:  
MrLandlord Q & A
QBI and property mgmt (by Beth [WI]) Apr 15, 2019 1:41 PM
       QBI and property mgmt (by S i d [MO]) Apr 15, 2019 2:23 PM
       QBI and property mgmt (by myob [GA]) Apr 16, 2019 3:43 AM

Click here to reply to this discussion.
Click Here to send this discussion to a friend

QBI and property mgmt (by Beth [WI]) Posted on: Apr 15, 2019 1:41 PM

I thought I had read on here that hours performed by a property management company counted towards the 250 hours for QBI. However, in a search of posts, I am not aeeing that information.

Am I correct on that?


QBI and property mgmt (by S i d [MO]) Posted on: Apr 15, 2019 2:23 PM

Here are the rules. Interpretation is up to you and your professional tax adviser. As far as I'm concerned, you are correct that the PM company, as your contractor, would have their hours counted toward your QBI record keeping hour to meet the safe harbor.

04 Rental services. Rental services for purpose of this revenue procedure include: (i) advertising to rent or lease the real estate; (ii) negotiating and executing

leases; (iii) verifying information contained in prospective tenant applications; (iv) collection of rent; (v) daily operation, maintenance, and repair of the property; (vi) management of the real estate; (vii) purchase of materials; and (viii) supervision of

employees and independent contractors. Rental services may be performed by owners or by employees, agents, and/or independent contractors of the owners. The term

rental services does not include financial or investment management activities, such as arranging financing; procuring property; studying and reviewing financial statements or reports on operations; planning, managing, or constructing long-term capital improvements; or hours spent traveling to and from the real estate.

Source: www.irs.gov/pub/irs-drop/n-19-07.pdf

Good news: 2018 is a 'free pass' year in terms of providing records, at least according to my friend who is an IRS auditor. Neither one of us will be coming to defend you in the event of an audit though, so proceed according to your own thoughts and after consulting a competent Pro for advice. --173.20.xxx.xxx

QBI and property mgmt (by myob [GA]) Posted on: Apr 16, 2019 3:43 AM

If you look at the form, discussed previouly, there are MANY items to include in your hours. --99.103.xxx.xxx

Click Here to send this discussion to a friend
Report discussion to Webmaster

Subject: RE: QBI and property mgmt
Your Name:
Your State:

QBI and property mgmt
Would you like to be notified via email when somebody replies to this thread?
If so, you must include your valid email address here. Do not add your address more than once per thread/subject. By entering your email address here, you agree to receive notification from Mrlandlord.com every time anyone replies to "this" thread. You will receive response notifications for up to one week following the original post. Your email address will not be visible to readers.
Email Address: