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T/p has a second home and people living there, does t/p " qualifiy for business income deduction ?

rudydianeg
Level 1
 
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7 Comments 7
dkh
Level 15

They may have a rental property to file on Schedule E.     Read thru IRS Pub 527 Residential Rental Property.

Just-Lisa-Now-
Level 15
Level 15

Are you asking if their rental property qualifies for QBI?   

By the way you said "a second home someone lives in" it doesn't sounds like its being run like a business.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
IRonMaN
Level 15

What "people" are living there?


Slava Ukraini!
itonewbie
Level 15

If you're asking about QBI, the answer is no.  See Rev. Proc. 2019-38 Section 3.05(A).

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Still an AllStar
dkh
Level 15

Maybe it's like that Nicole Kidman movie The Others.   The ghosts don't know they're ghosts 😲👻

BobKamman
Level 15

Is there some reason you call them "people living there," and not "tenants" ?   Do you call it a "home" and not just a "house" because he lives there sometimes, too?

Anyway, if you Google "Airbnb QBI" you find this interesting article:

https://www.accountingtoday.com/opinion/innovation-meets-regulation-the-looming-tax-headache-for-air...

George4Tacks
Level 15

Is this the same home you posted a couple of months ago? https://proconnect.intuit.com/community/proseries-discussions/discussion/i-am-in-a-nursing-home-my-d... 

Should you be wandering the TurboTax forum, instead of being here?

Does this return qualify as a simple return? https://proconnect.intuit.com/community/proseries-discussions/discussion/my-client-filed-a-simple-ta...

 


Here's wishing you many Happy Returns