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Remaining QBID (Carryforward)

Is it possible to deduct remaining carryforward Qualified Business Income Deductions (QBID) after disposition of the business/activity?  If so, how/where would I do that in the program?

 

My income has become a combo of wages, retirement/pension, interest/dividend income, and a small amount of Limited Partnership income that is passive and reported on K-1. I have a SIGNIFICANT (to me) amount of QBID carrying forward to next year. At 20% of 23% limit against QBI, it likely will NEVER get used up with the K-1 income.  I DO have rental property income also (sole owner) - does the QBID apply to that (again, would still take a lifetime to cut into the balance).

 

Is there anyway to deduct that carryforward QBID from my non-biz income, or do I just lose those carryforward deductions unless I get involved in another business/partnership?

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1 Reply

Remaining QBID (Carryforward)

A QBI deduction carryforward is a QBI "loss" carryforward.  It is sort of the opposite of a deduction.

 

No, nothing happens when you end the business.  It keeps carrying forward until it is 'used up' against other QBI profits. 

 

For your question about your rental property, opinions vary if a single rental is a QBI activity or not.  My opinion is that a single rental usually is NOT a QBI activity, in which case it would not have any affect on your negative QBI carryover.

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