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Investors & landlords
Yes, there is a specific way for you to combine (referred to aggregation) all your businesses so you can claim QBI. Here are the steps.
- Go to federal>wages and income>rental properties and royalties>start
- Enter all of your rental properties information including income expenses, profile etc.
- Once everything is entered, you should reach a page that says your Rental and Royalty Summary. Select edit on one of the properties.
- Select Done with Rental property at the bottom of the page.
- Now as you scroll through the screen, there will be a screen that asks if you wish to use safe harbor to qualify for a deduction, here you will say yes if you agree to its conditions that are listed on the page. Please look at the first screenshot I provided.
- The next screen will remind you to add more properties to the enterprise if you haven't done so. You will do this for each property you wish to claim QBI. You will add these in the manner I have described in steps 4 and 5 above.
- just as a precaution, you may or may not decide to aggregate your properties for this deduction. Please read this Turbo Tax link and read the article written by Champ Carl as he lists some compelling reasons you might not wish to choose this election, at least for some of your properties.
- Here is your screenshot I listed above strictly for your reference.
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‎April 29, 2021
2:43 PM