topic We show a total qualified business income from PTPs/REITs of $70 for a deduction of $14. We do not own a business and don't know where this item is coming from? Help? in Business & farm

We show a total qualified business income from PTPs/REITs of $70 for a deduction of $14. We do not own a business and don't know where this item is coming from? Help?

bobegates — Sat, 03 Apr 2021 22:35:33 GMT

Re: We show a total qualified business income from PTPs/REITs of $70 for a deduction of $14. We d...

ColeenD3 — Sat, 03 Apr 2021 22:50:15 GMT

it is more than likely from a 1099-DIV. A REIT qualifies for a QBI deduction.

Re: We show a total qualified business income from PTPs/REITs of $70 for a deduction of $14. We d...

bobegates — Tue, 06 Apr 2021 14:26:58 GMT

You helped explain where the item is coming from (the REIT deduction is probably from a 1099-Div.). Thanks! However, we still don't understand why receiving a 1099-DIV can allow us to take a business deduction, since we don't own a business?

Re: We show a total qualified business income from PTPs/REITs of $70 for a deduction of $14. We d...

ToddL99 — Tue, 06 Apr 2021 14:36:22 GMT

You don't have to "own" a business to claim the Qualified Business Income deduction; you just have to have qualified business income.

!099-DIV income from an REIT is "qualified business income" for purposes of the QBI deduction. The QBI deduction is not a business deduction, it is a business income deduction.