2111470
I have a rental home that I purchased in 1992. On my form 4562 the UBIA total was $68,999 (home itself was 66,000 + $1,999 (furnace placed in service in 2004) + $1,000(garage roof in 2004). My last two tax returns (2018 &2019) showed that UBIA amount ($68,999) on my "QBI component worksheet" in the middle 5 column section where it asks for the Business name, tax ID, QBI, W2 wages and then the UBIA. That UBIA amount $68,999 also showed on the "Smart Worksheet for Schedule E" under the QBI deduction smart worksheet line J 1. Now for my question, for tax season 2020, the UBIA amount is showing substantially different (less) than the previous two years. On those two worksheets it is $2,999, which coincidently would be the $1,999 (furnace) and $1,000 (garage roof) amounts added together. Why would the homes UBIA of $66,000 have fallen off? Does it have something to do with the depreciation?
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Make sure the Rental Property is shown as an Asset in the Rental Assets section.
If it didn't transfer properly from 2019, you will need to re-enter it.
Make sure the Property Info section is correct also.
You can use the info from your 2019 Form 4562 for Cost Basis and Date Placed in Service you used when you started renting.
This may happen if you used a PDF file to transfer your 2019 info instead of the xx.tax file.
Click this link for more info on Rental Property Assets.
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