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Investors & landlords
1) It looks like I do not meet the 2nd requirement for “At least 250 hours of rental services are performed per year per enterprise;”, so I would not qualify for QBI in that case. Is that correct?
2) I have his physical tax returns of all the listed depreciations for his assets with different schedules, but my question is how to input that same information into TurboTax? The Asssets/Depreciation section only asks me for cost/land value, but doesn’t ask about the method (SL, DB, etc.), life of the asset, or anything else like that. I’m assuming that each asset needs its own entry, is that correct? (E.g. building would be one entry, improvement A would be another, painting would be another, etc.)
March 14, 2022
3:14 PM