If you qualified for a QBI Deduction, look for Form 8995 in your prior year returns. This will flow to Line 10 on Form 1040.
Rental activity does not automatically qualify for the QBI Deduction.
Rental properties are usually treated as passive activities, and passive activities are excluded from the definition of a qualified trade or business. However, rentals that qualify as trades or businesses under IRC § 162 are not considered passive, which means they could potentially qualify for the QBI deduction.
Here's detailed info on the Qualified Business Income (QBI) Deduction and QBI for Rental Activity.
If you qualified for a QBI Deduction, look for Form 8995 in your prior year returns. This will flow to Line 10 on Form 1040.
Rental activity does not automatically qualify for the QBI Deduction.
Rental properties are usually treated as passive activities, and passive activities are excluded from the definition of a qualified trade or business. However, rentals that qualify as trades or businesses under IRC § 162 are not considered passive, which means they could potentially qualify for the QBI deduction.
Here's detailed info on the Qualified Business Income (QBI) Deduction and QBI for Rental Activity.