Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
g2parsons
New Member

Re Qualified Business Income Deduction info on a Sch E Worksheet linked to a K-1 limited partnership separate from my rental business do I check the yes box for A and D?

 
1 Best answer

Accepted Solutions
Cindy0H
New Member

Re Qualified Business Income Deduction info on a Sch E Worksheet linked to a K-1 limited partnership separate from my rental business do I check the yes box for A and D?

Is it a specified trade or business? This explains it quite well:

https://www.bkd.com/sites/default/files/2018-08/Specified-Service-Trade-Business.pdf

Is this a qualified business?

Rental properties are typically treated as passive activities, which are excluded from the definition of a qualified trade or business. However, rentals that qualify as trades or businesses under IRC § 162 are not considered passive, and that means their income can qualify for the QBI deduction.

This article explains which rentals are and are not qualified businesses:

https://ttlc.intuit.com/replies/7122193

View solution in original post

1 Reply
Cindy0H
New Member

Re Qualified Business Income Deduction info on a Sch E Worksheet linked to a K-1 limited partnership separate from my rental business do I check the yes box for A and D?

Is it a specified trade or business? This explains it quite well:

https://www.bkd.com/sites/default/files/2018-08/Specified-Service-Trade-Business.pdf

Is this a qualified business?

Rental properties are typically treated as passive activities, which are excluded from the definition of a qualified trade or business. However, rentals that qualify as trades or businesses under IRC § 162 are not considered passive, and that means their income can qualify for the QBI deduction.

This article explains which rentals are and are not qualified businesses:

https://ttlc.intuit.com/replies/7122193

Dynamic AdsDynamic Ads
Privacy Settings
v