Just-Lisa-Now-
Level 15
Level 15
‎01-11-2019 06:32 PM

Everything I'm reading says this is not the case, sole props are considered pass-thru also and are eligible for this just like LLCs.

Am I misunderstanding how it works?

I'm sure CA would love it if all these new LLCs got formed, more $$$ for them!


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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TaxGuyBill
Level 15
‎01-11-2019 06:32 PM

I think the Franchise Board is telling that to them.  :smiley:

You are correct, no LLC is needed.

View solution in original post

Just-Lisa-Now-
Level 15
Level 15
‎01-11-2019 06:32 PM
All of them in these past few days....wondering if some media outlet is passing out incorrect information recently.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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IRonMaN
Level 15
‎01-11-2019 06:32 PM
They must all be using the same barber :wink:

Slava Ukraini!
Just-Lisa-Now-
Level 15
Level 15
‎01-11-2019 06:32 PM
:+1: .

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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poolcleaner
Level 9
‎01-11-2019 06:32 PM
Or hairdresser(who has an O-I-H).
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sjrcpa
Level 15
‎01-11-2019 06:33 PM
:smile: .

Ex-AllStar
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TaxGuyBill
Level 15
‎01-11-2019 06:33 PM
LOL.  :smile:
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itonewbie
Level 15
‎01-11-2019 06:33 PM
@IRonMaN You meant hairstylist
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Still an AllStar
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itonewbie
Level 15
‎01-11-2019 06:33 PM
What I'm waiting for still is guidance on how this may or may not apply to Schedule E rentals that do not rise to the level of §162 trade or business, similar to the regs promulgated for §1411. There're some who came out early on to proclaim it will but I think it may be a bit presumptuous at this point.
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Still an AllStar
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IRonMaN
Level 15
‎01-11-2019 06:33 PM
By the way, nice pic.

Slava Ukraini!
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sjrcpa
Level 15
‎01-11-2019 06:33 PM
:+1: .

Ex-AllStar
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itonewbie
Level 15
‎01-11-2019 06:33 PM
"By the way, nice pic."

Got to live up to the name :joy:
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Still an AllStar
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abctax55
Level 15
‎01-11-2019 06:33 PM

Maybe there's a new ambulance chaser, er, attorney just opened up near by?

"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"
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abctax55
Level 15
‎01-11-2019 06:33 PM
"crap...I thought this was in the lounge.  Apologies to all my attorney friends who post here."
"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"
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George4Tacks
Level 15
‎01-11-2019 06:33 PM

I am posting one of the pages from this free webinar. It is now available without credit, but watch for others that will give CPE https://www.cpaacademy.org/archived_show/a0D4400000UpQSEEA3 

This is a wonder real short version of how the QBI is done. 

A friend just did a return for one of those wonderful house flippers that formed a CA LLC. Gross sales price 1.4 mill created an LLC "fee" of $6,800. I don't think the attorney warned them of this aspect. 


Here's wishing you many Happy Returns
itonewbie
Level 15
‎01-11-2019 06:33 PM
Thanks for sharing, @George4Tacks!
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Still an AllStar
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