Single Member LLC / Rental Activity / 199A

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  • TCl
    Junior Member
    • Apr 2019
    • 7
    #1

    Single Member LLC / Rental Activity / 199A

    Does anyone know ...

    Client has ...
    1. Single Member LLC
    2. Multiple Properties within this LLC
    3. Each of the properties, in the LLC, are separate Activities / Records in ATX
    4. Both Commercial and Residential properties ... some have profits and some have losses
    5. Real Estate Professional
    6. Appears Qualifies for 199A ... over 250 hours per year, LLC set up to purchase rentals as a business, documentation, etc.

    How should the QBI handled for these properties? Anything special or just X the Qualified Business on "activities" worksheet and let the losses allocate to the qualified business income activities?
    Tags: None
    • TAXNJ
      Senior Member
      • Jan 2007
      • 2106
      #2
      Do a “Search” for this subject on this website. The subject is addressed.
      Always cite your source for support to defend your opinion

        Comment

        • Dusty2004
          Senior Member
          • Dec 2009
          • 374
          #3
          Based off of what you entered I would agree that they are 199A eligible. Just flag them all as that you - you can't pick and choose.

          Dusty

            Comment

            • ATSMAN
              Senior Member
              • Jul 2013
              • 2415
              #4
              If I am not mistaken commercial and residential properties (39 vs. 27.5) must be segregated for the QBI worksheet.
              Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDR

                Comment

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