@shutt9328stree- wrote:
It seems to me that if it wasn't for the QBI considerations, it would be best to take this as passive income (which is of course how it is treated anyway). However, with those also at play here, I don't want to contradict the presumption that this is a trade or business by NOT electing QJV if I should check it.
Bear in mind that the Rev. Proc. specifically states, "If the safe harbor requirements are met, the rental real estate enterprise will be treated as a single trade or business as defined in section 199A(d) for purposes of applying the regulations under section 199A".
Typically, when you see that language, you can be reasonably certain that the treatment (as a trade or business in this instance) is solely for the purposes of applying a particular statute or regulation and not for other purposes.
