I have a few rental properties (sch E). for 2019, Turbo Tax starts to file form Schedule C (form 8995-A) Loss Netting. I'm confused. did I click wrong button?

 
Carl
Level 15

Investors & landlords

IRS Form 8995-A is not tied to only the SCH C. It's for the QBI (Qualified Business Income) deduction. Now I'm sure you know this. But I state what is obvious to you and me for the benefit of others reading this thread. Basically, when working through "at least" one of your rental properties in the SCH E section, you told the program that you qualify for the QBI deduction on "at least" one of the properties. For those of us that own three or less rental properties, it's extremely doubtful we qualify for the QBI deduction. I myself have three rentals and don't come anywhere close to qualifying.

I would suggest you work through the rental section again. Elect to EDIT the rental property and that gives you the screen with the selections on it for Property Profile, Rental Income, Expenses, Assets/depreciation etc. You don't need to edit any of those sections. Just scroll to the bottom and select the "Done With Rental Property" button.

On the "Any other situations?" screen click continue. This shows you the profit/loss screen.

Click Continue again and now you're asked if this is Qualified Business Income (QBI)

More than likely it's not qualified. So select NO and continue working through the screens until you're returned to the list of rental properties.

Note you have to do the above for each individual property you have entered into the program.

 

Investors & landlords

Thank you so much. This was exactly what I needed to do.