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sglick
Returning Member

199a line 4 asks for a Specified service trade or business. yes or no My LLC owns a home which is rented. How do i answer the question?

 
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KrisD
Intuit Alumni

199a line 4 asks for a Specified service trade or business. yes or no My LLC owns a home which is rented. How do i answer the question?

Answer no. That is not a Specialized Service Trade or Business. 

According to the IRS:

"Specified service trade or business (SSTB), which includes a trade or business involving the performance of services in the fields of health, law, accounting, actuarial science, performing arts, consulting, athletics, financial services, investing and investment management, trading, dealing in certain assets or any trade or business where the principal asset is the reputation or skill of one or more of its employees. This exception only applies if a taxpayer’s taxable income exceeds $315,000 for a married couple filing a joint return, or $157,500 for all other taxpayers"

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1 Reply
KrisD
Intuit Alumni

199a line 4 asks for a Specified service trade or business. yes or no My LLC owns a home which is rented. How do i answer the question?

Answer no. That is not a Specialized Service Trade or Business. 

According to the IRS:

"Specified service trade or business (SSTB), which includes a trade or business involving the performance of services in the fields of health, law, accounting, actuarial science, performing arts, consulting, athletics, financial services, investing and investment management, trading, dealing in certain assets or any trade or business where the principal asset is the reputation or skill of one or more of its employees. This exception only applies if a taxpayer’s taxable income exceeds $315,000 for a married couple filing a joint return, or $157,500 for all other taxpayers"

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