Level 3

Sec 199A Self-rental

Forum|Forum|7 years ago
March 14, 2019
2 replies
18 views

I'm preparing an individual tax return on ProSeries for husband/wife 50/50 owners of an S corp. The husband is the 100% owner of two single-member LLCs, each of which owns a property that is rented to the S corp. Reg Sec 1.199A-1(b)(14) provides that a self-rental can be treated as a trade or business for Sec 199A. Is there an election statement or some form of disclosure for this? Should I include a statement like the one required by the aggregation regs (Reg Sec 1.199A-4(c)(2))? Does ProSeries include an Aggregation disclosure statement? Thank you.

ProSeries Professional

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I

Intuit_Devin

Level 4

Treasury has made no mention of an election statement being required. Since the rental activity is treated as a trade or business by definition, rather than by election, no election statement applies.

P

PMH1403Author

Level 3

OK, so all I need to do is check the Yes box for "Is this activity a qual T/B?" in the QBI Deduction Info section of the Sch E worksheet. Correct?

M

Mort - Skokie

Level 2

You should also mark in schedule E "SELF RENTAL"

N

nejam

Level 3

I understood the self-rental provisions under Notice 2019-38 to EXCLUDE the QBI Deduction to a husband & wife that own commercial real estate rental and rents the building to an S-Corp that is 100% owned by the wife?? All other criteria for the safe harbor is satisfied, EXCEPT the self-rental provision? Can someone please chime in on this? Thank you.

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