Archive of entries posted by AmAdmin

Qualified Business Income Deduction for Rental Real Estate Owners-Safe harbor rule

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The 2017 Tax Cuts and Jobs Act (TCJA) created a new deduction known as the Qualified Business Income Deduction (QBID). It is also called the pass-through deduction or Section 199A deduction. The QBID allows small  business owners to deduct up to 20% of qualified business income from federal income tax. Rental property owners will interested in the safe harbor rule of the section 199A qualified business income deduction (QBID) for their rental property.

Taxpayers that have income (or loss) from rental property will not be eligible for the QBID when they hold the property for investment purposes.

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Do You Really Need to File Tax Extension?

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If your income exceeds a certain level, you are required to file a federal return. If you are not required to file a tax return, you don’t have to file a tax return. Even you are not required for a year, it is a good way to file a tax return to order to protect yourself against future audits of past returns. The three-year statute of limitations on IRS audits doesn’t start until you file your tax return.

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