Unadjusted Basis of Assets v. UBIA of Qualified Property

[koshaugh]

I was reported an "Unadjusted Basis of Assets" for Section 199A in a K-1 (real estate)

Is this the same as "UBIA of Qualified Property" and should I enter that amount in that section of TurboTax?

Thank you.

[JamesG1 · Accepted solution]

UBIA is the same as 'unadjusted basis of assets'.  This figure is routinely used in the calculation for the Qualified Business Income Deduction.

[kristen_nicoson]

Might this just be listed as "Unadjusted Basis"?

[AbrahamT]

Same thing. Would typically be recorded in Box 20 Code Z of the K-1.

[Render unto Caesar]

Thanks.  But for my recent K-1, the line in Box 20 Code Z had "STMT" in it instead of a dollar value.  And I had nothing called Statement A with the K-1 docs.  But did have a couple of pages called "Schedule of Activities" which had some of the wording in it that I am attempting to use, for "Net rental real estate income (loss)" and "Unadjusted basis of assets". 

[Mike9241]

that could be it but the only way to make sure is to contact the partnership.   sometimes a statement will be on the back of the k-1 or a supplemental list for everything for box 20.  since there are multiple approaches the only way to make sure is as stated.