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Business & farm
I own 7 condos that I purchased for investment. I saw a video on "20 percent tax deduction and rental income" which stated that I could claim this deduction if I managed the properties myself if I did it for 250 hours a year. When I look at turbo tax under rentals it asks for 750 hours. Where can I find the form to bundle the 7 condos and the work I do to get the safe harbor 199A decuction?
I do the following
advertise to rent the property
negotiate and execute the lease
verify information contained in prospective tenants application
collect rent and do the bookkeeping
keep track of hours spent on daily operation, maintenance and repair of property
manage repair of the property
manage real estate on a log for my hours
According to the video that should qualify me under a qualified business or trade.
I do not have a business, I simply am an investor who manages her own properties.
Please help me find the place in turbo tax to file the 199a