So whether a real estate rental is a "trade or business" is a thing that matters like - Can analysis be worthwhile? What IRS does give us with Notice 2019-07 is a "safe harbor". If you meet the safe harbor, your enterprise will be considered a "trade or business" for purposes of 199A. Following the Notice, which requires that you attach a statement to your return, is a "safe harbor". So ask your vendors for hours (not including drive time) and ask your real estate management company if they will provide you with a "Notice 2019-07 Compliance Report".

Source: Forbes January 31, 2019 01:52 UTC