Business Taxes

Business and Rental Property Elections

Small Taxpayer Safe Harbor for Purchases of Tangible Property When you purchase an item for use in your business and it has an expected life of more than one year, you are required to capitalize the item (classify as an asset on your balance sheet) and systematically write off to expense the cost

Rental Real Estate – Business or Safe Harbor

Rental real estate may constitute a qualifying trade or business for purposes of the qualified business income deduction if it meets the definition of a trade or business or meets the safe harbor criteria.  This post is intended to highlight criteria for considering rental property a trade or