topic S-Corp real estate office and QBI in Get your taxes done using TurboTax

S-Corp real estate office and QBI

oregoncountry — Fri, 19 Mar 2021 00:18:06 GMT

Me & another gentleman own a small real estate sales office. We are an S-Corp and want to know if we are considered a QBI for the 199a deduction.

Re: S-Corp real estate office and QBI

RayW7 — Fri, 19 Mar 2021 00:34:38 GMT

The QBI deduction applies to qualified income from sole proprietorships, partnerships, limited liability companies (LLCs) that are treated as sole proprietorships or as partnerships for tax purposes, and S corporations.

Real estate and insurance agents and brokers can qualify for the Section 199A qualified business income deduction, according to a new draft of IRS Publication 535. These taxpayers are not engaged in a specified service trade or business under Section 199A.

-follow this link for more information-

What is the Qualified Business Income (QBI) deduct...

Re: S-Corp real estate office and QBI

oregoncountry — Fri, 19 Mar 2021 00:52:41 GMT

When I finish up our taxes, where will the 199a deduction show up? Will it come out on our K-1's, or do we make the deduction on our Schedule C?

Re: S-Corp real estate office and QBI

MinhT1 — Fri, 19 Mar 2021 15:06:06 GMT

The QBI deduction appears on line 13 of your 2020 form 1040.

The deduction does not appear on Schedule K-1 or your Schedule C. On your personal return, it is calculated on form 8995 or 8955-A and is transferred by TurboTax to line 13 of form 1040 as a deduction from income.