UBIA on Statement A 1065

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

1599

Level 15

Mar 6, 2024 4:18:37 PM

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

Expert Alumni

Mar 6, 2024 4:20:37 PM

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

Level 3

Mar 6, 2024 4:55:18 PM

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

Expert Alumni

Mar 6, 2024 4:59:56 PM

You need to purchase a Turbo Tax Business product that prepares Partnership 1065 returns. Here is a link to order.

@elbanev

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UBIA on Statement A 1065