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Level 5
posted Feb 2, 2020 2:34:29 AM

Am I really allowed to claim a Qualified Business Income Deduction for REIT Dividends?

Turbotax took 1099-DIV Box 5 amounts which were NOT related to my Schedule C business income and included them under Qualified REIT Dividends on Form 8995 Line 6. Am I really alowed to take this Section 199A deduction on Form 8995 which is for Qualified Business Income Deductions even though it had nothing to do with my Schedule C income?  

 

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1 Best answer
Expert Alumni
Feb 2, 2020 6:45:17 AM

Yes, qualified real estate investment trust (REIT) dividends are eligible for the qualified business income (QBI) deduction.  See this IRS link for information about what qualifies for the QBI deduction.

2 Replies
Expert Alumni
Feb 2, 2020 6:45:17 AM

Yes, qualified real estate investment trust (REIT) dividends are eligible for the qualified business income (QBI) deduction.  See this IRS link for information about what qualifies for the QBI deduction.

Level 5
Feb 2, 2020 6:49:09 AM

Thanks, I wanted to make sure I was still eligible for the REIT Dividend deduction even though the income came from the Personal side of my tax return.