The IRS has announced the issuance of Rev. Proc. 2019-38, which provides a safe harbor to allow rental real estate to qualify as a business for qualified business income deduction.
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WASHINGTON — The Internal Revenue Service today issued Revenue Procedure 2019-38 that has a safe harbor allowing certain interests in rental real estate, including interests in mixed-use property, to be treated as a trade or business for purposes of the qualified business income deduction under section 199A …