The Tax Professionals Blog
Tax Reform Waiver – Form 2210
Posted by Lee Reams Sr., BSME, EA on
Kiddie Tax Non-Conformity
Posted by Lee Reams Sr., BSME, EA on
New Military Spouse State of Residence Election
Posted by Lee Reams Sr., BSME, EA on
The Veterans Benefits and Transaction Act of 2018, sponsored by Senator Jon Tester of Montana, became public law on 12/31/2018. Sec. 302 of that legislation added the following election:
Rentals as Trade or Business for the 199A Deduction
Posted by Lee Reams Sr., BSME, EA on
Which Rental Real Estate Activities Qualify for the199A Deduction?
Posted by Lee Reams Sr., BSME, EA on
Regrettably, the most misunderstood issue for preparing taxes for 2018 could be the most significant - the issue of when a rental activity is a trade or business qualified for the new Sec 199A deduction. The final regulation (§1.199A-1(b)(14)) defines a trade or business as being the same as trade or business under Code Sec. 162.