QBI Deductions

Randy ChmTax Alert

Tax Alert from Maloney+Novotny

New QBI deduction guidance

qbi deductionsAs part of the recently issued Sec. 199A QBI deduction regulations, the IRS issued guidance for certain real estate businesses. It allows individuals and entities who own rental real estate directly or through a disregarded entity to treat a rental real estate enterprise as a trade or business (for purposes of the QBI deduction) if certain requirements are met. Not eligible for this safe harbor are real estate used as a residence for any part of the year and real estate rented under a “triple net lease.” To read more on IRS Notice 2019-07: https://bit.ly/2R1nenN

 

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