tax cuts and jobs act: Under TCJA Rental Income Qualifies for 20% Business Deduction - QBI
- 01/23/19 03:55 AM
On January 18th the IRS Issued its final regulations for the New Tax Law's Qualified Business Deduction QBI. The Tax Cuts and Jobs Act TCJA is quite complicated and the QBI even more. So, I spent the weekend reading the final installment of the QBI regulations. The bottom line is that the IRS will allow renters of real property to qualify for the 20% business deduction. The IRS has even given a safe harbor election to ensure that taxpayers feel safe in doing so until the regulations are passed into law. I highly recommend speaking with a tax professional to get … (8 comments)
On January 18th the IRS Issued its final regulations for the New Tax Law's Qualified Business Deduction QBI. The Tax Cuts and Jobs Act TCJA is quite complicated and the QBI even more. So, I spent the weekend reading the final installment of the QBI regulations. The bottom line is that the IRS will allow renters of real property to qualify for the 20% business deduction. The IRS has even given a safe harbor election to ensure that taxpayers feel safe in doing so until the regulations are passed into law. I highly recommend speaking with a tax professional to get … (8 comments)
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