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Qualified business income, or QBI, is the net income generated by any qualified trade or business under Internal Revenue Code (IRC) § 162.
Rental properties are usually treated as passive activities, and passive activities are excluded from the definition of a qualified trade or business. However, rentals that qualify as trades or businesses under IRC § 162 are not considered passive, which means they could potentially qualify for the QBI deduction.
To provide preliminary guidance to this popular question, the IRS released Notice 2019-07, the key points of which we've summarized below.
Thank you, ColeenD3.
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