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Took my 2018 1040 to my CPA to go over. CPA said loss ($2K) from Sch E Rental should NOT be counted with QBI, was hurting my situation, and explained why in detail. While I know how to manually remove the amount from QBI using forms, what question in the step-by-step process allows me to 'not count' the Sch E loss?
If I must use forms to remove the loss, which form is best to start with?
If it matters, I have two Sch C businesses (profits) and the Sch E loss.
While I see questions in the community about making sure to count Sch E profits in QBI, I see none addressing a Sch E loss.
Thanks!
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I.m assuming that what is happening here is that the loss from the rental property is being added to (meaning reducing) the QBI income from the Schedule C businesses, resulting in a lower QBI deduction than you would get if this were excluded. To change this in TurboTax, there is a question at the end of the rental section in step-by-step that asks it if is QBI income. Just answer no.
N.B. I doubt that there is a single rental property in America with a loss that qualifies as QBI-eligible, but plenty with positive net income.
I.m assuming that what is happening here is that the loss from the rental property is being added to (meaning reducing) the QBI income from the Schedule C businesses, resulting in a lower QBI deduction than you would get if this were excluded. To change this in TurboTax, there is a question at the end of the rental section in step-by-step that asks it if is QBI income. Just answer no.
N.B. I doubt that there is a single rental property in America with a loss that qualifies as QBI-eligible, but plenty with positive net income.
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