CLIENTS HAVE BASIC RENTAL INCOME, $25,000, AFTER EXPENSES. NOT RENTING OUT TO RELATIVES. WOULD LIKE TO FIGURE OUT IF THIS ACTIVITY IS A QUALIFIED TRADE OR BUSINESS?
Maybe. Facts and circumstances determine whether it is a trade or business. Read up on the subject. Only you and your clients can make the determination.
Thank you sjrcpa for your response. I have read up a lot on the subject, but the information is still obscure, hence my question. If you have any specific articles or websites to direct me to, I would really appreciate it.
Thank you so much Just-Lisa-Now! This is one of the many articles I have read dealing with QBI and the Safe Harbor requirements. Any other articles you would kindly recommend?
If they are nowhere near meeting the Safe Harbor rules, in my opinion they are nowhere near qualifying as a §162 business. If they are close, the maybe they are.
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