What is 2019-38 Rental Safe Harbor
Revenue Procedure 2019-38 provides a safe harbor for certain real estate enterprises to be treated as a trade or business for purposes of the Qualified Business Income Deduction (QBID) under Section 199A of the Internal Revenue Code. To qualify for this safe harbor, a rental real estate enterprise must satisfy specific requirements, including: 1. Separate Books and Records: Maintain separate books and records to reflect income and expenses for each rental real estate enterprise. 2. 250 Hours of Rental Services: Perform at least 250 hours of rental services per year. These services can include advertising, negotiating and executing leases, verifying tenant applications, collecting rent, daily operation, maintenance, and repair of the property, management of the real estate, purchase of materials, and supervision of employees and independent contractors. The hours of all employees and contractors can be considered. 3. Contemporaneous Records: Keep contemporaneous records, including time reports, logs, or similar documents, regarding the following: hours of all services performed, description of all services performed, dates on which such services were performed, and who performed the services. 4. Annual Statement: Attach a statement to the tax return filed for each tax year in which you rely on the safe harbor. It's important to note that certain rental real estate arrangements are excluded from this safe harbor, such as real estate used as a residence for any part of the year by the taxpayer and real estate rented under a triple net lease. This safe harbor is designed to give
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