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Video instructions and help with filling out and completing Form 2220 Deduction

Instructions and Help about Form 2220 Deduction

What did the taxpro do when his computer crashed I don't know Jim what do you do you took away its driver's license jokes bye Jim Music a tax Pro's welcome back to another edition of tax Pro Talk we're bringing you some big information around qualified business income deduction updates as well as forms availability so tune in here we go Music or any tax Pro's welcome back to another edition of tax bro talk or hashtag TPT I brought in the big guns today Jim and I are gonna be talking about tax reform I've heard a lot of things Jim from tax pros around rental real estate and qualified business income so what are some updates what's going on yeah so definitely getting a lot of questions around rental real estate and the rule so let's recap the qualified business income deduction is the new 199 a 20% deduction for all pass-through entities that would be Schedule C that would be scheduled pass throughs like s Corpse partnerships fiduciary farms rental real estates a little unique ok publication 535 that came out in draft form from the IRS page 2 says rental real estate by law does not qualify as an active trader business under Section 162 so by default it is not a qualified business income activity and will not be included as part of the qualified business income deduction now that said you can always look at the facts and circumstances to determine if that rental real estate is a 162 trader business if it is you'll mark the box that it qualifies as a qbi activity okay a couple ways to do that if they are a real estate professional and there are certain rules about being a real estate professional that will automatically...