Form 2220 Deduction 2024-2025

Divide this text into sentences and correct mistakes: 1. What did the taxpro do when his computer crashed? 2. I don't know Jim, what do you do? 3. You took away its driver's license jokes, bye Jim. 4. Music, a tax Pro's welcome back to another edition of tax Pro Talk. 5. We're bringing you some big information around qualified business income deduction updates as well as forms availability, so tune in, here we go. 6. Music or any tax Pro's welcome back to another edition of tax bro talk or hashtag TPT. 7. I brought in the big guns today, Jim and I are gonna be talking about tax reform. 8. 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? 9. Yeah, so definitely getting a lot of questions around rental real estate and the rule. 10. So let's recap, the qualified business income deduction is the new 199 a 20% deduction for all pass-through entities. 11. That would be Schedule C, that would be scheduled pass throughs like S Corps, partnerships, fiduciary farms, rental real estates, a little unique (okay). 12. 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. 13. So by default, it is not a qualified business income activity and will not be included as part of the qualified business income deduction. 14. Now, that said, you can always look at the facts and circumstances to determine if that rental real estate is a 162 trader business. 15. If it is, you'll mark the that it qualifies as a QBI activity. 16. Okay, a couple ways to do that, if they are a real estate professional and there are certain rules about being...