Qualified Business Income

[M-B]

I manage, and partially-own, two family S corps with 53% overlapping ownership.  The larger S corp is clearly in the real estate rental business with 30 tenants.  The other just has cash but plans to buy a rental property. 

Would the single-tenant S corp qualify as a business for purposes of the qualified business income deduction of section 199A?  What if it buys a NNN property, then would my involvement in the real estate business combined with the overlapping ownership put the single-tenant S corp in the real estate rental business too?  This is like driving in a blinding snowstorm.  Tax law sucks!

[IRonMaN]

"Tax law sucks!"

That's why folks that spend their time learning it tend to want to be paid for their services rather than giving their time away for free.

[BobKamman]

You’ve come to an Intuit site supporting tax professionals, and you may be looking for support as an individual taxpayer. Please visit the TurboTax Help site for support.

[qbteachmt]

"What if it buys a NNN property"

Has no one ever told you and your shareholders about the pitfalls of buying and holding real estate by an S Corp?

It seems you now have another reason to seek out good local guidance, to see if all of that can be fixed.