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M
MrWallSt
Level 2
May 24, 2022

QBI

  • May 24, 2022
  • 1 reply
  • 11 views

client is a financial  advisor (self employed) receives a 1099 for his ohio based buiness, he also  owns  a 4 unit apartment building in maine, Do both of these qualify for the QBI deduction?

 

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    1 reply

    sjrcpa
    sjrcpa
    Level 15
    May 24, 2022

    Yes for the Ohio based financial services business. It is also a SSTB.

    Maybe for the Maine rental. Is it a trade or business?

    The more I know the more I don’t know.
      M
      MrWallStAuthor
      Level 2
      May 25, 2022

      The Maine apartment building is in a sole proprietor LLC it’s residential 4 unit building that he files on a schedule E. It’s the only building he has!

      sjrcpa
      sjrcpa
      Level 15
      May 25, 2022

      You, in consultation with the client, need to make the determination of whether the rental activity qualifies as a trade or business for 199A purposes.

      The more I know the more I don’t know.
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