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Get your taxes done using TurboTax
Thanks for all for all that good information. By "exception" I did mean the "at least 250 hours of rental services must have been performed annually in any three of the five preceding tax years". We have 4 rentals which require a lot of maintenance (wells and septics). 2021 we had no turnovers with COVID but usually we do and they take a ton of time. We have one coming up and it will be time consuming due to tenant damages, so I think we are safe to take the QBI for 2021.
I see no way to "edit" the QBI statement in my software. In fact that form doesn't even appear until I go to print the return. So if I were to edit Turbo Tax verbage about the 250 hours I would have to paper file, which I don't want to do. Any ideas?
I don't feel real comfortable sending in the verbage about the 250 hours when that's not exactly true.