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QBI or Enterprise for rental properties
In 2020 I used the QBI for multiple rental properties I own (schedule E).
For this year (2021 taxes), I opted to include all my rentals in an enterprise, but apparently it is not allowed in combination with the QBI, so I have to select one or the other.
I am not a RE professional but do spend a lot of time managing these properties, and my objective is to be able to deduct rental properties' operating losses from my W-2 income. However, no matter what I choose - QBI or Enterprise, Turbo Tax does not allow me to combine the two and regardless of my choice, I do not get a deduction of operating losses (they become suspended, I believe).
Q: What do I need to do in order to be able to deduct those operating losses?
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March 21, 2022
2:23 PM