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mini 11
Level 4
Feb 5, 2023 6:17 PM UTC
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199A QBI STATEMENT

I am a single owner of S.corp and claimed new computer ($3,000) 100% use for business in 2021 under section 179. 

But I see this amount $3,000 on 199A statement, QBI statement as UBIA of qualified property from my 1120S  2022 year. 

Is this an error or this is correct? I assume it will stay like this until the end of life 5years?

Please advise me. Thank you very much!

PatriciaV
PatriciaVAnswer
Alumni - Intuit
Feb 6, 2023 4:14 PM UTC

Yes, the unadjusted basis immediately after acquisition (UBIA) of qualified property held by a trade or business is reported BEFORE any depreciation. So the original basis of your business property will be reported under QBI until it is fully depreciated.

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PatriciaV
PatriciaVAnswer
Alumni - Intuit
Feb 6, 2023 4:14 PM UTC

Yes, the unadjusted basis immediately after acquisition (UBIA) of qualified property held by a trade or business is reported BEFORE any depreciation. So the original basis of your business property will be reported under QBI until it is fully depreciated.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"
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