Yet another great link SeattleCPA.
Does anyone know when there will be more clarity on weather schedule E income qualifies for the deduction? I'm guessing that the government shutdown will only prolong the delay in answering this question.
I have been contemplating setting up a LLC for my two rental houses to qualify as a pass through entity. As of today I am paralyzed with indecision. I would rather continue filing schedule E but I don't want to miss out on the free money if this is not in fact considered pass through income. As a practical matter, if schedule E income was not pass through income, and a LLC was in place for only half of the year, would I be entitled to only half of the deduction (10%)?