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Have never run into this before. Client received a 1099-MISC with Box 1 figure. They helped a neighbor by letting them live in their home after a fire destroyed their's. I know it's taxable income but is it eligible for the QBI deduction?
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Not eligible because they are not in the business of renting their property.
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Good answer! 👍
Slava Ukraini!
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"by letting them live in their home"
And charging Rent, apparently. That's why it is in box 1.
"Level Up" is a gaming function, not a real life function.
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Didn't charge rent but the neighbor has out of home living insurance so my client is being paid by the insurance company not the neighbor.
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But it is still rental income.
Ex-AllStar
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"so my client is being paid by the insurance company not the neighbor."
This goes right along with "let them stay" as in, gee, they are Being Paid.
"Level Up" is a gaming function, not a real life function.