Mother passed and has 8 rentals owned by her irrevocable trust. I just did the 1041 return for the trust and claimed the rental income as QBI on the trust return. The K-1 sent to each of the 3 beneficiaries (Myself and siblings) has all 8 properties on the Statement A (QBI pass through entity reporting) including rental income (loss) and UBIA of qualified property broken down for each property. The K-1 has net rental income on line 7 and on line 9 has directly appointed Deductions.
my questions.
1. In TurbTax do I enter each rental property loss and UBIA as a sperate K1 entry? or combine them all?
For the business name do I list the Trust name? or the property address of the rental? (This is at the 199a income screen.
2. Line 9 net rental income and line 9 directly appointed deductions (basically depreciation) where are those entered?
2.
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Yes, because all QBI came from the same type of activity, you may combine those numbers for the Schedule K-1 Section 199A entry.
Line 9 rental income should be reported as Box 7 Net rental real estate income.
Depreciation is reported as Box 9 Code A.
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