Qualified Business Income Deduction - Rental or Real Estate Income

According to the IRS Newsroom:

Solely for the purposes of ยง 199A, a safe harbor is available to individuals and owners of passthrough entities who seek to claim the deduction under section 199A with respect to a rental real estate enterprise. Under the safe harbor a rental real estate enterprise will be treated as a trade or business for purposes of the QBI deduction if certain criteria are met. For more information, on the safe harbor see News Release IR-2019-158.

To complete the Qualified business income (QBI) section for rental property in TaxAct:

  1. From within your TaxAct return (Online or Desktop) click Federal. On smaller devices, click in the upper left-hand corner, then Federal
  2. Click Rent or Royalty Income under Federal Quick Q&A Topics to expand that category, then click Real estate rental income
  3. Click Add to create a new copy of Schedule E or Review to modify an existing form
  4. Continue through the interview questions until you reach the screen titled Qualified business income deduction information
  5. The program will proceed with the interview questions for you to enter or review the appropriate information

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