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Does farm rental qualify for qbi Form: What You Should Know

A-1 of the Code when it provides services to a trade or business. This has been implemented as part of the Safe Harbor provision in a number of areas throughout the  U.S., Notice  For Tax Year 2018, the 2024 general tax rule for rental real estate activities includes the following, to the extent applicable to property that has been sold after December 31, 2018: “(i) If section 2535 is not employed, the qualified business income deduction must be allowed for the taxable year, and the taxable year must be the shortest of-- “(I) the least of the property's fair market value on the date it is sold, and “(II) the applicable limitation for the taxable year. In this paragraph, property is described with respect to the preceding taxable year only if: “(AA) all the property is sold in the taxable year, “(BB) all property of which the taxpayer or the taxpayer's spouse has acquired a qualifying interest (in the taxable year) before the property was sold or transferred in the taxable year, or “(cc) all property sold under section 526(b)(1)(F) is qualified commercial property (as defined in section 45C(c)(3)) and includes one or more buildings of which the taxpayer or the taxpayer's spouse has maintained a qualifying interest through the taxable year.” The IRS released a notice to provide guidance for new requirements published by the Treasury Department's Office of Tax Analysis. The notice will take effect on March 22, 2019. However, the IRS notes that this guidance applies only to tax years beginning after September 20, 2017. The 2024 IRS Publication 575 also makes reference to an existing guidance that is no longer needed due to the 2024 tax year changes. However, this particular guidance is helpful to taxpayers looking to determine whether they may be able to claim some or all of their rental income for the tax year. Note that, this guidance is still applicable to tax years beginning after September 20, 2017. For a full analysis, read the full report which covers all the guidance referenced in the notice in full. The guidance and the tax impact analysis are fully available on the U.S. Treasury website. The document is also linked at the bottom of the IRS page.

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