Two clients, one provides advice on education to school systems, the other client is a real estate agent working for a real estate agency. The income and expenses of both clients is reported on Schedule C of the form 1040. I need help to determine if these businesses are an SSTB? Also, is there a good list that provides which businesses are classified as an SSTB and a concise summary to determine if the QBI applies? Thanks for the assistance!
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Reg 1.199A-5(b)(2)(vii) - the performance of services in the field of consulting means the provision of professional advice and counsel to clients to assist the client in achieving goals and solving problems.
Reg 1.199A-5(b)(2)(x) - the performance of services in the field of brokerage services includes services in which a person arranges transactions between a buyer and a seller with respect to securities (as defined in section 475(c)(2)) for a commission or fee. This includes services provided by stock brokers and other similar professionals, but does not include services provided by real estate agents and brokers, or insurance agents and brokers.
I would encourage you to have the final 199A regs on your desktop. I access it all the time. The above can be found on pages 220-223 of the release last year. -
Thank you for the information.Comment
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