Want to make sure that I'm not missing something here. Taxpayer leased a commercial property to two businesses that are owned by his children (taxpayer is an employee of one of the businesses and does actively work in the business). Those two businesses were the only tenants. He sold the property in 2020, creating a capital gain of around $350K, which generates NIIT of around $7K. Taxpayer has never been subject to NIIT before as his income has always been well under the threshold. Is there a way to exclude the gain on the sale of the property from NIIT? I don't think there is, but want to make sure that there isn't something that I'm not considering.
2-Mar-2021 1:11pm
