Question
199A for Partnership that self rents 75% of property
My Partnership (all commercial real estate) rents 75% of the property to a related party that operates a restaurant. Can I allocate expenses 75%/25% and take the QBI for the income and expenses attributable to 75% of property rented to a related party? In this case the 25% was vacant for the majority of the year so that portion of the property operated at a loss when expenses were allocated on square footage. Can the QBI be greater than the net income from the property for the year?
