Hi, I know a lot of people have questions about this... here's mine. I have a triplex, rent out 2 apartments & live in one. I do a lot of my own work so qualify for QBI.
I'm using a MAC for the first time, in 2024, but I was able to put the 2023 file on a thumb drive and xfer to MAC... everything appears to have flowed through to the MAC TT, including depreciation schedule for several items.
I had QBI losses in 2022 & 2023 (total - 12,725), profit in 2024. (+6,509)
in TT 2024:
Form 8995 reflects the above numbers, and shows -6215 carryforward (presumably this goes against 2025, if I again have positive income from this property).
The problem is that the $6509 of previous years' loss does not wipe out the current year's income-- shouldn't it?
Form 8995. line 1. QBI income = 6509
line 3 carryforward = -12725
line 15 QBI decuction = 1. (from an REIT in a mutual fund I think)
line 16 QBI carryforward = -6215
But schedule 1 shows line 5. rental RE. = +6509 so that's what's going to 1040 line 8
1040 line 13. shows 1.
It seems to me that the positive income I had this year on the house, should be wiped out by part of the carry forward loss, and the remainder carry to subsequent year(s).... but I don't see what the mechanism is for that??
note, I have miscl. pension, SS, IRA , div.& interest income, less than $40k
also, because I've done my own taxes forever, I get the cheapest TurboTax I can find, and ignore a lot of the question part and often switch to forms directly to enter info. I've used TT for many years, and have used both Deluxe and Premier in the past. Thanks for any advice...
