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June 4, 2019
Question

Is 50 year long term land use lease with automobile sales business monthly income considered a business... They pay property taxes...

  • June 4, 2019
  • 1 reply
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Own 25% share of land which leases use of land to automobile dealership. I collect monthly lease/rent.  They pay property taxes, have built building and maintain it.  I just receive monthly income. Is this considered ""qualified business" income with new taxes 2018?

1 reply

June 4, 2019

No, this is a passive activity and would not meet the qualifications for the Qualified Business Income(QBI) deduction.