Am trying to determine whether or not to elect to use the safe harbor for rental property or not.
(IRS notice 2019-07). It is a commercial property (office condominium). We satisfy all the criteria (separate books and records, 250 of rental services documented with timesheets, etc., is not a residence, is not a triple net lease, was not rented to a commonly controlled business).
In TurboTax Home and Business this rental property comes out on Schedule E. If I elect the small business safe harbor, the QBI deduction IS applied, and if I check the box "None of these apply", the property still qualifies for the QBI deduction.
So -- am trying to understand the "why" to elect small business safe harbor -- when the QBI deduction is applicable for both scenarios?
