Hi Carl:
I am wondering what your opinion is regarding how all this relates to QBI (Qualified Business Income). I have a sole proprietor LLC where the majority of the income is from the rents I receive on rental property. Based on what I have read, this rental income qualifies for the QBI deduction. Would you agree?
Historically I have reported my income from these rental properties on Schedule E, but it was my understanding that I now needed to report this income and the associated expenses on Schedule C. My understanding was that this would assure that I would be able to deduct the QBI deduction for rental properties.
It doesn't really matter to me which schedule I use, as the numbers will be the same, but I want to assure that whatever I do qualifies me for the QBI deduction.
Thanks for any thoughts you might have on this.
