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199A deduction

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  • Avatar newinvestor 
    Participant
    Status: Physician
    Posts: 22
    Joined: 01/24/2016

    I would appreciate input regarding the 50/80 regulation proposed by the IRS for 199A deduction. There are 10 partners in our practice and we have a different LLC that owns the real estate and the same 10 partners own the real estate LLC as well that rents out the building to our practice. Since each partner owns only 10 percent of the real estate LLC, are we able to take the section 199A deduction for the income from the building even if the taxable income is above the $415,000 limit or in other words since each partner owns less than 50 percent of the entity that owns the office building, do they qualify for the 199A deduction regardless of the taxable income? Thanks in advance.

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