itonewbie
Level 15
12-06-2019
08:18 PM
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"How many taxpayers actually keep some sort of log?"
That's why the Notice waives that requirement for 2018, so that people can start doing it from now on.
"Or have separate bank accounts for each property?"
To be precise, it's for each enterprise, so it doesn't have to be for each property. In any case, maintaining separate books and records is not a new requirement from the IRS for a qualified business (e.g. QBU) and it's a best practice anyway.
"some rental owners may not even put in that much time, depending on the owners"
This is really a slack that the IRS has cut for many taxpayers, especially since time spent by the owner's employees, agents, and contractors will all count. All that it takes now is to start a log and ensure these other people the owner engages will comply.
That's why the Notice waives that requirement for 2018, so that people can start doing it from now on.
"Or have separate bank accounts for each property?"
To be precise, it's for each enterprise, so it doesn't have to be for each property. In any case, maintaining separate books and records is not a new requirement from the IRS for a qualified business (e.g. QBU) and it's a best practice anyway.
"some rental owners may not even put in that much time, depending on the owners"
This is really a slack that the IRS has cut for many taxpayers, especially since time spent by the owner's employees, agents, and contractors will all count. All that it takes now is to start a log and ensure these other people the owner engages will comply.
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Still an AllStar
Still an AllStar