☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 3
posted Feb 5, 2023 10:17:34 AM

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!

0 1 373
1 Best answer
Expert Alumni
Feb 6, 2023 8:14:06 AM

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.

1 Replies
Expert Alumni
Feb 6, 2023 8:14:06 AM

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.