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 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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