Great summary of the rules. If a taxpayer meets the requirements for safe harbor and took the qbi deduction but did not include the signed attestation statement, should they amend the tax return to include it ? Is the statement only required at the 1040 level or does it have to be attached to the LLC partnerships that flow through to the personal tax return ? The taxpayer is a real estate professional.
Hey Jason, great video. If an individual has multiple properties I assume they have to meet this Safe Harbor for each property. Additionally if the multiple properties are under 1 LLC does the rental services for one property count towards the Safe Harbor for all the properties in the LLC? Last question would deploying a section 469 grouping election help create a more efficient way to reach the Safe Harbor? Thank you!
If you have a property management company who has put in over 250 hours, would you qualify? Also, if you have more than one property that they manage, is it 250 hours per property? I'm assuming I can't qualify, but the person I co-own with says I should put that they do. I have not received anytime time sheets from the property management.
Bravo! You are the only person who addressed the QBI being a completely separate analysis from material participation. Thank you!
Glad it was helpful!
Great summary of the rules. If a taxpayer meets the requirements for safe harbor and took the qbi deduction but did not include the signed attestation statement, should they amend the tax return to include it ? Is the statement only required at the 1040 level or does it have to be attached to the LLC partnerships that flow through to the personal tax return ? The taxpayer is a real estate professional.
Hey Jason, great video. If an individual has multiple properties I assume they have to meet this Safe Harbor for each property. Additionally if the multiple properties are under 1 LLC does the rental services for one property count towards the Safe Harbor for all the properties in the LLC? Last question would deploying a section 469 grouping election help create a more efficient way to reach the Safe Harbor? Thank you!
Does the IRS code say that the hours worked should be at least 3 out of 5 years if the property has been held for over 4 years?
If you have a property management company who has put in over 250 hours, would you qualify? Also, if you have more than one property that they manage, is it 250 hours per property? I'm assuming I can't qualify, but the person I co-own with says I should put that they do. I have not received anytime time sheets from the property management.