Gain an understanding on limitations for rental real estate businesses and how practitioners can assist their clients in structuring their operations to fit within the safe harbor.
In 2017, Congress passed a sweeping tax reform package, which included a major provision for owners of small businesses. This provision, located in Section 199A of the code, provides for a 20% deduction for owners of many small flow-through tax entities, such as S Corporations and partnerships. However, the provision contains certain limitations, and in particular restricts the deduction for businesses engaged in passive activities, which includes rental real estate businesses. This topic will address this limitation for rental real estate businesses, and will focus specifically on how practitioners can assist their clients in structuring their operations to fit within the safe harbor provisions issued by the IRS in Revenue Procedure 2019-38 to ensure that the business owners will qualify for the Section 199A deduction.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Brief Overview of Benefits of Section 199A
- What Is the Qualified Business Deduction?
- What Are the Benefits of Receiving a Qualified Business Deduction?
- What Are the Limitations to Receiving the 199A Deduction?
Rental Real Estate
- Types of Rental Real Estate (Residential, Commercial and Mixed Use)
- Services Provided in the Rental Real Estate Business
- The Trade or Business Problem With Rental Real Estate
- Safe Harbor Rules
- What Are the Factors?
- What Rental Services Qualify?
- What Activities Will Not Qualify?
- What Is Excluded From the Safe Harbor?
Qualifying Rental Real Estate for 199A Without the Safe Harbor Rules
- Qualifying as a Trade or Business Outside of the Safe Harbor
- The Effect of Aggregation on Qualifying for the 199A Deduction
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Credit
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on April 23, 2020.
Call 1-866-352-9540 for further credit information.
- AIPB 2.0
- This program is acceptable for 2.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Robb A. Longman, Esq.
Longman & Van Grack, LLC
- Managing member of Longman & Van Grack, LLC, a Bethesda, Maryland law firm
- Practices in the area of tax controversy and planning, business representation, and estate planning
- Represents his clients before the U.S. Tax Court, Maryland Tax Court, Internal Revenue Service, and state taxing agencies; in addition, he assists his clients in structuring business deals and estate planning
- Regular speaker for the American Bar Association, tax section on several issues such as structuring the sale of a business, Section 199A, and ethics
- Has written numerous articles for the Practical Tax Lawyer and other ABA publications
- Currently the council director of the American Bar Association’s tax section and has been the chair of the Maryland State Bar Association’s tax section
- Can be contacted at [email protected] or 240-324-7705
J. Robert Turnipseed, Esq.
Armbrecht Jackson LLP
- Partner at Armbrecht Jackson LLP in Mobile, Alabama
- Practice focuses on representation of small businesses, for both tax planning and representation before the IRS and state and local tax authorities
- Current council director of the American Bar Association Tax Section and former chair of Closely Held Business Committee
- Current chair, Alabama State Bar Tax Section
- Fellow, American College of Tax Counsel and American Bar Association
- Participated as speaker and/or panel participant on numerous local and national seminars on various tax topics, including Section 199A, Buy-Sell Agreements, Tax Traps for Related Party Transactions, and others
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