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Where to find QBI deduction on rental income on tax forms.

I have some K1's which own rental property on which I qualified for the QBI deduction. I've completed my personal taxes, but cannot identify which line or worksheet makes the adjustment. (As I did the business taxes, it does not appear the numbers that were on the K1 reflected the 'discount'.) Note, I'm fairly certain the business taxes were done appropriates (TT Business) as the Z and AB info is on box 20.

 

If it's relevant, we are active participants, meet the QBI requirements, but do not meet the real estate professional qualification. (ie the income is treated as passive in TT) Other TT answers though still say we should get the 'discount', I'm just trying to see where it is to make sure it is in there and to understand the ramifications. 

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3 Replies

Where to find QBI deduction on rental income on tax forms.

Enter Forms Mode (click the Forms icon in the upper right side of the screen) and look under Forms in My Return. You should see an entry entitled QBI Ded Summary, which should show your QBI deduction detail.

Where to find QBI deduction on rental income on tax forms.

Thank You,

 

It looks like it combined all of my QBI from my K1's.

 

It combined all of my gains and losses across K1's, including all types of businesses (rentals, professional consulting, etc). This resulted in a paper loss, so I got no deduction. Should it have combined all of the businesses, particularly those not of the same type?

 

So this brought up a second questions. Based on the QBI Simple, (line 3) it implies QB loss can be carried over? Is this true? How is this different than passive loss carryover (which I have been carrying on rentals due to large improvements & depreciation) in the past. I'm used to 25ish of passive loss a year offsetting my regular income, does that still apply to QB loss?

 

Sorry for the questions, I just like to understand how it affects my taxes, and to see if it's worth all the paperwork of tracking qualified hours etc. 

Where to find QBI deduction on rental income on tax forms.

The QBI deduction is the net result of all qualified businesses (i.e., combined).

 

Per Section 199A(c)(2):

 

CARRYOVER OF LOSSES.—If the net amount of qualified income, gain, deduction, and loss with respect to qualified trades or businesses of the taxpayer for any taxable year is less than zero, such amount shall be treated as a loss from a qualified trade or business in the succeeding taxable year.

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