WASHINGTON — The Internal Revenue Service today issued Revenue Procedure 2019-38 that has a safe harbor allowing certain interests in rental real estate, including interests in mixed-use property, to be treated as a trade or business for purposes of the qualified business income deduction under section 199A of the Internal Revenue Code (section 199A deduction). If all the […]
tax deductions
Senate Votes for Workaround on Federal Property Tax Deduction
Homeowners could get around the new $10,000 cap on property tax deductions on their federal tax returns by turning them into charitable contributions. At least that’s the plan behind a bill approved by the Senate yesterday. Legislation on interstate tax agreements and Urban Enterprise Zones also saw action. Property Tax Deduction Senators voted 28-9 to […]