Submitting Section 199A Rental Income

Forum|Forum|5 years ago
March 13, 2021
4 replies
35 views

I qualify as a real estate professional and my rental properties qualify for a QBI deduction. When submitting my 199A information into TurboTax Home & Business, I reach the screen titled "We need some information about your 199A income." However, there is no line entry for "BusinessName has Rental income (loss)." I am able to enter the rental income by clicking on "Show Relevant Form," but it seems I shouldn't have to do that as a workaround.

TurboTax Home & Biz Windows

ColeenD3

Level 15

As a Real Estate Professional, you are considered to be a business, the first option.

Real Estate Trade or Business Defined IRC Sec. 469(c)(7)(C)

Any Real Property:

• Development or redevelopment;

• Construction or reconstruction;

• Acquisition and/or conversion;

• Rental Activity that is not a Passive Activity;

• Property management;

• Brokerage activities.

Harruin

Level 2

I am not a real estate professional and have marked that I don't materially participate, but I still am not getting an option to put in my real estate income (loss) in the box.

MarilynG

Level 15

@Harruin Rental Income/Loss is reported in Box 2 of Form K-1, which transfers to Schedule E.

If you don't materially participate in a Business, you can't enter a gain/loss as QBI for 199A Income/Loss, as reported in the Statement for Box 20, Code Z.

Click this link for more info on Rental Loss on K-1.

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