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20% applies to rent?


Edsel

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Does the new s.199 deduction apply to rental income?  Rental income is not considered a "business" for some purposes - like self-employment tax, some believe for issuance of 1099s for services, etc.

I've heard the original bill made no mention of rental income, and a decision may come from a "technical correction."  Technical corrections come with every major tax legislation.  They can't think of everything when it's drafted.

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I'm convinced they think of lots of things when legislation is drafted, but the timing of their thinking has a strong correlation to when & in what amount the campaign contributions come rolling in.  Technical corrections become somewhat of an annuity stream for campaign financing. 

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2 hours ago, Abby Normal said:

I think this year, the later you take CPE, the better.

 

Agreed.  It's early for the tax courses, I know, but I try to do some CPE each month and can only sit through so many hours of A&A before I want to mix some tax in there.  I should probably do the ethics to put that behind me for this reporting period. 

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