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PoconoRick
Returning Member

Trust owns 8 rental Properties- Where to enter K-1 Loss and UBIA in Turbo Tax

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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1 Reply
PatriciaV
Employee Tax Expert

Trust owns 8 rental Properties- Where to enter K-1 Loss and UBIA in Turbo Tax

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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