Question

Is my rental income QBI?

Forum|Forum|5 years ago
April 26, 2021
1 reply
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The apartment (i own) is on rent starting mid 2019 and whole 2020. Renters extending the lease in mid of 2020. I manage the property by taking care of renters needs. Since I am in different State so I often take help from my friends to have tenant's requests addressed. Should I select YES while answering "Is this Qualified Business Income?" question? Thanks in advance

Hal_Al

Employee

See https://anderscpa.com/rental-real-estate-qualify-for-qbi-deduction/?tag=re&c

"Clearly, the 250 hour rule is the key to meeting the new safe harbor requirement. Please note, these services can be performed by the owner or contracted out."

U

UmerKAuthor

Thank you for your answer. You mentioned this is "new" safe harbor requirement. What if someone selected QBI last year without have record of hours spent in cleaning, listing etc. Will that require an amendment?