Episode from the podcastReal Wealth Show: Real Estate Investing Podcast

Clarity on the New 20% Deduction

Released Saturday, 13th April 2019
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Clarity on the New 20% Deduction If you have an S Corporation, a multi-member LLC, rental portfolio or Schedule C business, there is finally more clarity on how to take your 20% deduction. In this show, find out:
  • How a business can be part eligible and part not
  • How pension contributions affect qualified business income ("QBI")
  • When health insurance reduces QBI and when it doesn't
  • Why QBI must be adjusted for prior-year passive losses
  • New safe-harbor rule for qualifying rentals as a trade or business (and why it may be a business even if the taxpayer does not meet the safe harbor)
  • Clarification on 1099 filing requirements for landlords
  • What to do if a K-1 received includes some income that is from a specified service business and some that is not (and what info is required to be on the K-1)
  • Clarification of what a "specified service business" that is ineligible for the 20% deduction (there are many fewer than you thought!)
  • How income from the sale of business property affects the 20% deduction
  • How businesses with losses affect businesses with income (and why you might not want a rental to be a business)
  • How to identify REIT dividends so you can take the 20% deduction
  • Self-rentals that must be reclassified as specified service businesses

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26m 13s
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