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Investors & landlords
The question about being a real estate professional is found in the very beginning of the Rental Income and Expenses section of TurboTax. There are also questions about qualifying as a active participant in the Property Profile section of the rental property. This also affects how losses may be claimed.
Take a look at the following TurboTax help article to learn more about the QBI deduction and rental income. Your mom no longer being a real estate professional may not exclude her from claiming the QBI deduction and QBI carryover losses.
Can I get the QBI deduction on rental income?
QBI carryover losses cannot be converted to passive losses. They would remain QBI losses until they can be applied to QBI income.
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March 31, 2024
8:57 AM