This situation arises when you have more than one rental property and you need to aggregate them so you can take the qualified business income deduction (QBI) for the combined income of the various properties.
The statement would include the following:
- A description of each trade or business or property.
- The name and EIN of each entity in which a trade or business or property is operated.
- Information identifying any trade or business that was formed, ceased operations, was acquired, or was disposed of during the taxable year.
- Information identifying any aggregated trade or business or property of an RPE in which the RPE holds an ownership interest.
- Such other information as the Commissioner may require in forms, instructions, or other published guidance.
If you only have one property, or choose not to aggregate them, then it should not be an issue.
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