Hello,
I have rental properties from out of state and have hired a management company to take care of this for me. There are total of 3 units. The management property sends me a 1099-MISC that contains the income at the end of the year. These properties are owned by 2 different LLC. 2 unit in 1 LLC, and the other unit in another LLC. Both LLC are single member (myself and my wife)
i have been using turbotax for 3 years now (Home and Business version) and i have been entering it in the Rental and Royalties section.
Question 1) I want to clarify, if i am suppose to enter these rentals in teh rental royalties section, or am i suppose to enter it as business income? I have been entering it in as rental royalties and not business income becuase that screen looks like its for people who really own a business and not just LLC with rental properties.
Question 2) i noticed that for the aggregated LLC that has 2 rental units - at the end of entering these income/expenses in teh royalties section - it shows me that i qualified for QBI Deduction. However it doesnt show me any QBI Deduction for the other LLC that has 1 unit. WHy is that? How do i also take a QBI Deduction for this single unit in the LLC?
Thanks,
