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R
Raymay
Level 3
March 24, 2020
Solved

1099-MISC for rental income for temporary housing from insurance company

  • March 24, 2020
  • 1 reply
  • 1 view

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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Best answer by Raymay

Not eligible because they are not in the business of renting their property.

1 reply

R
RaymayAuthorAnswer
Level 3
March 24, 2020

Not eligible because they are not in the business of renting their property.

    IRonMaN
    IRonMaN
    Level 15
    March 24, 2020

    Good answer! 👍

    Slava Ukraini!
      qbteachmt
      qbteachmt
      Level 15
      March 25, 2020

      "by letting them live in their home"

      And charging Rent, apparently. That's why it is in box 1.

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