Joe Jaspers photo

Joe Jaspers, CFP®

Vice President, Wealth Management

 

Carolinas Telco Capital Advisors

Located at Carolinas Telco FCU

9813 South Blvd, Suite 101

Charlotte, NC 28273

 

Phone:     704-391-5600

Toll Free: 800-622-5305, ext. 2608

Fax:         704-556-1652

 

Email: joe.jaspers@lpl.com

March/April 2020

Real Estate and QBI

The IRS issued a final ruling explaining how to qualify for a real estate income safe harbor to receive the Qualified Business Income (QBI) deduction. You will need to make this safe harbor determination annually.


Qualifications
To qualify for a safe harbor for a real estate rental income deduction under section 199A, taxpayers must meet all of the requirements stated in this final ruling. They include maintaining separate books for each enterprise and keeping contemporaneous records including time reports, logs, and similar documents. You’ll also need to provide the description, hours and dates of all services performed and who performed them.


Hourly Rules
Rental real estate enterprises in existence for fewer than four years must have performed 250 or more hours of rental services per year. Those in business longer must meet this standard in three of the five previous years.

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Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Carolinas Telco FCU and Carolinas Telco Capital Advisors are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using Carolinas Telco Capital Advisors, and may also be employees of Carolinas Telco FCU. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of, Carolinas Telco FCU or Carolinas Telco Capital Advisors. Securities and insurance offered through LPL or its affiliates are:

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