IRS issues instructions related to § 199A qualified income business deduction. . .

On September 24, 2019, the Internal Revenue Service issued instructions related to certain interests in rental real estate for purposes of the § 199A qualified income business deduction.

Revenue Procedure 2019-38 contains 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 § 199A of the Internal Revenue Code.