Rental income QBI Enterprise #1

[chrisru]

Rental income QBI Enterprise #1

I am a real estate professional with a rental building I own called "Building XYZ".   For rental and royalty, I marked that I spend 750 hours and 50% work related in real estate. 

The system asks me if I am "eligible for QBI safe harbor.  I marked, Yes, just for "Building XYZ" only.  I mark the description as investment property - Residential type.  I mark the business name "My actual name". 

When I go to pdf version of the return, the system has marked form 8995 Qualified Business as "Enterprise #1" rather than "My actual name".  This is not owned by an enterprise, just a single member sole prop (myself).  I realize I can go into the forms section and change the name from the form called "QBI component" from "Enterprise #1" to "My actual name" which will then automatically update Form 8995 as well; however the system still generates a "Section 199A" Real Estate Enterprise statement called "Enterprise #1.

Is it correct to leave it like this even though the rental building is not an enterprise and should be reported under "My actual name"?  

[Mike9241]

doesn't really matter becuase you only have 1 building. however the reason "Enterprise 1". in your return there is a statement - the rental real estate enterprise statement. the 250-hour requirement is for each enterprise. so if you have 4 rental properties and didn't treat them as 1 enterprise you would have to satisfy the 250 hour requirement for each or a total of 1000 hours. treating as one enterprise means you only have to spend 250 hours on all 4.  if you were to treat each as a separate enterprise there would be multiple statements 1 for each and each would need a separate name.

this is like arguing what is proper to use for the description of the property in the asset section  building or home or house or the address 

.

[Outskiing]

I got the Enterprise #1 label as well.  In my case I did combine 4 residential properties to be treated as a single effort. I viewed the word 'Enterprise' to be a generic term for a business, whether it is sole proprietorship, LLC or incorporated. 

Bob