Answered: QBI-Rental Safe Harbor

KLHysell · ‎03-14-2019

I have a client that owns part of a rental property with other unrelated parties (joint ownership). Each taxpayer picks up their portion of the rental on their own personal return. It is not an LLC or partnership. Does each taxpayer have to meet the 250 hours or does the property have to meet the 250 hours with all owner's hours combined?

IntuitCharlene · ‎03-14-2019

We had a similar question regarding multiple rental properties in our last Tax Reform live event:

https://proconnect.intuit.com/community/Tax-Reform-AMA/QBI/m-p/1297

Based on the rules and links by the AllStarts it looks like its specific to the investor and Type of Property (Commercial vs Rental). Stephen also posted a great blog he created going into some of the fine print.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Accept as solution"

View solution in original post

IntuitCharlene · ‎03-14-2019

We had a similar question regarding multiple rental properties in our last Tax Reform live event:

https://proconnect.intuit.com/community/Tax-Reform-AMA/QBI/m-p/1297

Based on the rules and links by the AllStarts it looks like its specific to the investor and Type of Property (Commercial vs Rental). Stephen also posted a great blog he created going into some of the fine print.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Accept as solution"

QBI-Rental Safe Harbor

©1997-2024 Intuit, Inc. All rights reserved.

Intuit, QuickBooks, QB, TurboTax, and Mint are registered trademarks of Intuit, Inc. Terms and conditions, features, support, pricing and service options subject to change without notice.

By accessing and using this page you agree to the Terms and Conditions.