Re: QBI

MrWallSt · ‎05-24-2022

client is a financial advisor (self employed) receives a 1099 for his ohio based buiness, he also owns a 4 unit apartment building in maine, Do both of these qualify for the QBI deduction?

sjrcpa · ‎05-24-2022

Yes for the Ohio based financial services business. It is also a SSTB.

Maybe for the Maine rental. Is it a trade or business?

The more I know the more I don’t know.

MrWallSt · ‎05-24-2022

The Maine apartment building is in a sole proprietor LLC it’s residential 4 unit building that he files on a schedule E. It’s the only building he has!

sjrcpa · ‎05-25-2022

You, in consultation with the client, need to make the determination of whether the rental activity qualifies as a trade or business for 199A purposes.

The more I know the more I don’t know.

QBI

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