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Safe Harbor for Rental Real Estate, Claiming the Section 199A Tax Deduction

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Safe Harbor for Rental Real Estate, Claiming the Section 199A Tax Deduction

Along with final regulations 和 other guidance on the new qualified business income deduction, the Treasury Department 和 the IRS issued a notice on a proposed revenue procedure providing a safe harbor that enables many rental real estate owners to claim the section 199A tax deduction (aka the QBI扣除).

The deduction is only available to non-corporate taxpayers whether in real estate or not. (Let’s revisit 199A: Congress enacted section 199A to provide a deduction to non-corporate taxpayers up to 20 percent of the taxpayer’s qualified business income for each of the taxpayer’s qualified trades or businesses, 包括那些通过合伙经营的, S公司, 或个人独资, as well as a deduction of up to 20 percent of aggregate real estate investment trust (REIT) dividends 和 qualified publicly traded partnership income.  A qualified business or trade cannot be a specified service trade or business (SSTB) or business of performing services as an employee.) 唷!

谁得到扣除?

So, when does owning rental real estate qualify as a trade or business for purposes of this deduction?  很好的问题!  The IRS published a “proposed revenue procedure” to provide some guidance regarding rental real estate enterprises as a trade or business solely for purposes of the section 199A deduction.  So they are trying to give us a clue if we qualify!

你可能还是有资格的, even if you do not meet the guidelines given here, but only your tax specialist can define your unique situation for you!

首先, you have to have ownership in property for the purpose of collecting rent for that property.  Your direct interest can be as an individual or through a “有关透传的实体” (RPE) like that LLC you formed, 例如.  Your “rental real estate enterprise” may be made up of one property or multiple properties.  You can treat each property as a separate enterprise, or group all similar properties into an enterprise.  对每个企业进行记录.  Commercial 和 residential real estate may not be part of the same enterprise.  You may not vary it from year-to-year unless there has been a significant change in facts 和 circumstances.

你需要做什么?

So again, you need to keep separate books reflecting income 和 expenses for your rental real estate.  如果你有多个房地产企业, 比如住宅和商业, you have to have separate books 和 records for each.

You need to show 250 or more hours of rental services were performed during the year with respect to each enterprise.  To do this, you have to keep “contemporaneous records”, or records 在服务发生时.  这将包括一个日志 日期, time描述 执行的服务,包括 执行服务.  同样,当事情发生时,保持这个日志!  This SHOULD NOT be a recap done at the end of the year.

此类服务可包括:

  • 出租或出租房地产的广告
  • 谈判和执行租赁
  • Verifying information contained in prospective tenant applications
  • 的租金
  • Daily operation, maintenance, 和 repair of property
  • 房地产管理
  • 购买的材料
  • Supervision of employees 和 independent contractors

You, as 老板, can perform these services, or have someone else do them.  关键是要正确地追踪他们.

Unfortunately, you can’t count time with your banker or accountant as part of your “rental services”.  Arranging financing 和 reviewing financial statements is not allowed for purposes of calculating the 250 hours.  Neither is time spent planning, managing, or constructing long-term capital improvements.  And one more thing…no counting travel time to 和 from the property.

有排斥?

There are a few other exclusions to consider – if you, 老板, use the rental property as a residence for any part of the year, you cannot include it for purposes of the QBI扣除.  (That includes use by owner or any beneficiary of an RPE – 有关透传的实体.)

Further, real estate rented under at triple net lease is also not eligible for this safe harbor.  这意味着, the lease will not qualify toward the deduction if the tenant or lessee pays (part or all of the) taxes, 费用, 和保险, 和 is responsible for maintenance activities for (part or all of) the property in addition to rent 和 utilities.  (That concludes your very short lesson in triple net for this blog!)

最后……

There are some procedural requirements including attaching the appropriate statement 和 signing it, 所以请咨询您的税务专家.

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