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Making distinctions may create tax savings for owners of rental real estate
$225.00
Description
Abstract: The 20% qualified business income (QBI) deduction is available for income from an eligible trade or business, but it isn’t available if that same property is classified as an investment. This article points out that it’s worth considering whether an owned rental property meets the definition of a trade or business under IRS requirements. It also explains that determining whether rental real estate activities qualify for the QBI deduction is a complicated undertaking and is likely to require the services of a tax professional.
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