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Is 50 year long term land use lease with automobile sales business monthly income considered a business... They pay property taxes...
Own 25% share of land which leases use of land to automobile dealership. I collect monthly lease/rent. They pay property taxes, have built building and maintain it. I just receive monthly income. Is this considered ""qualified business" income with new taxes 2018?
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posted
June 4, 2019
2:12 PM
last updated
June 04, 2019
2:12 PM
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Is 50 year long term land use lease with automobile sales business monthly income considered a business... They pay property taxes...
No, this is a passive activity and would not meet the qualifications for the Qualified Business Income(QBI) deduction.
June 4, 2019
2:12 PM
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