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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. Lacerte | ProConnect | ProSeries
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. Lacerte | ProConnect | ProSeries
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Net investment tax on sale of commercial rental
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tdh555
Level 1
02-29-2020
02:36 PM
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Client sold commercial rental formerly used by client in her business. Sold business 5 years ago and collecting rents from business purchaser. Client is active but less than 250 hours activity (even if annualized to date of sale. It appears client will be subject to net investment tax on 1231 sale--any relief from prior ownership as material business owner? Thank you in advance for any guidance here.
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qbteachmt
Level 15
03-10-2020
05:12 PM
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"any relief from prior ownership as material business owner?"
There is no Prior Ownership for the real estate, based on the few details you have listed.
Please provide more details. Thanks.
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