SAFE HARBOR ALLOWS QBO DEDUCTION FOR RENTAL REAL ESTATE BUSINESSES, ACCOUNTANTS’ DAILY NEWS, SEPTEMBER 25, 2019

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The IRS on Tuesday issued a revenue procedure that provides a safe harbor for taxpayers under which a rental real estate enterprise will be treated as a trade or business for purposes of the qualified business income (QBI) deduction, (20 percent of qualified business income).Under the safe harbor, a “rental real estate enterprise” is treated as […]