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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 click Federal.
  2. Click Rent or Royalty Income in the Federal Quick Q&A Topics menu to expand, then click Real estate rental income.
  3. Click + Add Schedule E, Pg 1 to create a new copy of the form or click Edit to review a form already created.
  4. Continue with the interview process to enter all of the appropriate information.
  5. On the screen titled Rental and Royalty Income - Property Type, select from the Property type drop-down, then click Continue.
  6. On the screen titled Qualified business income deduction information, check the applicable option, then click Continue.

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Note that any link in the information above is updated each year automatically and will take you to the most recent version of the document at the time it is accessed.


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