Hi, I'm filing for 2020.
We have an LLC, Domestic Partnership (50/50 ownership by my wife and I) that owns an office condo.
The condo is rented to an S-Corp that employs my wife (she materially participates in). The business income from the S-Corp does qualify for the QBI deduction. The S-Corp is categorized as an SSTB, but we are filing jointly and our taxable income is less than the $326600 threshold.
I don't think I can get the QBI deduction for my 50% of the rental income profits from my Schedule K from the LLC, but I think the rental income for my wife's 50% of the rental income profits from her schedule K, from the LLC should qualify for the QBI deduction.
When I answer all the questions entering the Schedule Ks, it isn't showing a QBI deduction for the schedule Ks for the rental income.
Turbo Tax does show the QBI for the SCorp business income correctly.
Please let me know if I'm interpreting the QBI rules correctly and if I should be seeing the QBI deduction for any of the rental income from either schedule K from the LLC?
Thanks!
