UBIA on Statement A 1065

4 replies
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My wife and I have a pass through LLC partnership that owns a short term rental property

Would the "UBIA of qualified property" on "Statement A—QBI Pass-through Entity Reporting (Entity Level Amounts)" ever change from the original listed amount? We had professional CPA file the first return and they listed $750k in that box. This year we added a $10k hot tube which we've added to the depreciation table. Do we keep the $750k for the UBIA of qualified property or add $10k to it?

Thanks,
Joe

Ask the Experts - MetLife III - Mar 2024

Critter-3

Level 15

Do we keep the $750k for the UBIA of qualified property or add $10k to it? YES ... but the program should do this automatically.

DaveF1006

Alumni - Intuit

Yes, you will add this to the UBIA of your qualified property if Turbo Tax didn't do it automatically.

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elbanevAuthor

Level 3

Which TurboTax product handles this best? I bought Home and Business last year and it didn’t seem to work. I’d much rather buy a product that handles the whole LLC partnership.

thanks