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Level 1
posted Apr 11, 2021 3:29:22 PM

Unadjusted Basis of Assets v. UBIA of Qualified Property

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.

1 5 14019
1 Best answer
Expert Alumni
Apr 12, 2021 3:56:26 PM

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

5 Replies
Expert Alumni
Apr 12, 2021 3:56:26 PM

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

New Member
Mar 21, 2023 11:33:25 AM

Might this just be listed as "Unadjusted Basis"?

 

Level 8
Mar 21, 2023 2:12:40 PM

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

Level 1
Sep 15, 2023 1:48:23 PM

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". 

Level 15
Sep 15, 2023 3:49:00 PM

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.