in [Event] MetLife & TurboTax Present: the Ask us Anything Forum
My Partnership (all commercial real estate) rents 75% of the property to a related party that operates a restaurant. Can I allocate expenses 75%/25% and take the QBI for the income and expenses attributable to 75% of property rented to a related party? In this case the 25% was vacant for the majority of the year so that portion of the property operated at a loss when expenses were allocated on square footage. Can the QBI be greater than the net income from the property for the year?
You'll need to sign in or create an account to connect with an expert.
Was it rented at FMV to this related party?
yes, thanks!
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
jacob2026
Level 1
in [Event] MetLife & TurboTax Present: the Ask us Anything Forum
mtbcm3
New Member
bmshah1
Level 4
markgilsey
New Member
zic789
New Member