Lena Rozzi, CPA •
IRS Proposes Safe Harbor for Taxpayers Seeking the Section 199A Deduction for Rental Real Estate Activities
On January 18, 2019, the IRS released additional guidance on the much anticipated Section 199A deduction as many taxpayers eagerly await the opening of tax season. Among other issues, the guidance offers taxpayers a proposed safe harbor in determining when rental real estate activities can be treated as qualified trade or business for the purpose of taking the Section 199A deduction. This guidance is provided by the IRS in response to taxpayer uncertainty whether rental real estate activities qualify as a trade or business for the purpose of the Section 199A deduction.
IRS Proposes Safe Harbor for Taxpayers Seeking the Section 199A Deduction for Rental Real Estate Activities
On January 18, 2019, the IRS released additional guidance on the much anticipated Section 199A deduction as many taxpayers eagerly await the opening of tax season. Among other issues, the guidance offers taxpayers a proposed safe harbor in determining when rental real estate activities can be treated as qualified trade or business for the purpose of taking the Section 199A deduction. This guidance is provided by the IRS in response to taxpayer uncertainty whether rental real estate activities qualify as a trade or business for the purpose of the Section 199A deduction.