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
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Do we keep the $750k for the UBIA of qualified property or add $10k to it? YES ... but the program should do this automatically.
Yes, you will add this to the UBIA of your qualified property if Turbo Tax didn't do it automatically.
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
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