Why does Turbotax keep asking for sales related data for rental properties?
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If you mean the QBI, no, there shouldn't be any connection. You may have accidentally clicked that it was sold. The screens where this could have happened are below.
What do you mean by "sales related data". Rental property can qualify as QBI.
The Tax Cuts and Jobs Act of 2017 added Section 199A to the Internal Revenue Code. Section 199A allows a deduction of 20 percent of certain non-corporate taxpayers’ “qualified business income” (QBI) from a trade or business. Sole proprietors and small business benefit from Section 199A. Section 199A also benefits some real estate investors and real estate investment structures.
On September 24, 2019, the IRS issued Revenue Procedure 2019-38 (Rev Proc 2019-38). This revenue procedure provides a safe harbor under which income from rental real estate will be QBI.
199A Applied to Real Estate Investments
Under Section 199A rental of real estate is treated as a trade or business provided the owner is an individual. Most of the time, real estate qualifies under Section 199A if the primary purpose for engaging in real estate rental is for income or profit.
Corporations and partnerships aren’t eligible for the Section 199A deduction on their tax returns. However, the shareholders of an S corporation or the partners of a partnership (or limited liability company taxed as a partnership) may be eligible for the deduction,
This article discusses the Rev Proc 2019-38 safe harbor. General discussion of Section 199A and specifics regarding its application to real estate investments are beyond the scope of this article.
Safe Harbor Requirements
The Rev Proc 2019-38 includes these requirements:
In reviewing my taxes, Turbotax keeps asking questions related to specific rental houses I own. They are, "what was the sales price", and "when did you sell them", etc. I believe this is related to my attempt to use them to take advantage of the Qualified Business Credit, but am not certain. I have owned them for years and have never had any problem before.
If you mean the QBI, no, there shouldn't be any connection. You may have accidentally clicked that it was sold. The screens where this could have happened are below.
will 2019 Turbo Tax Delux do it right?
You need a higher version to calculate the Qualified Business Income deduction if you are using TurboTax Online. You need Premier to enter rental income and deductions and you need Self-Employed to enter self-employment related deductions. @natashka97
@natashka97 You cannot use TT Online to do a 2019 tax return now. You must use the 2019 desktop version.
Where do you enter income(s) for Uber and Lyft when there has been no 1099Misc or 1099K issued ?
How to report Lyft and Uber income
https://ttlc.intuit.com/community/uber-or-lyft/help/where-do-i-enter-my-lyft-uber-income/00/26804
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