Qbi deductions for multiple rentals

Forum|Forum|6 years ago
July 24, 2019
1 reply
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I have several single-family rentals. Where in Turbo Tax can I group my rentals into one enterprise?

Also, I noticed that all but one rental does not appear on the QBI summary form, and I did select that rental as QBI the same way as all my other rentals, I am not sure if it is a bug in Turbo Tax Delux or not. Can someone help me?

TurboTax Deluxe Windows

Carl11_2

Employee

Yes, you can group multiple long term residential rentals together.

Yes, you can group multiple short term residential rentals together.

Yes, you can group multiple commercial rental properties together.

NO, you can not mix and match short term, long term and commercial rentals together.

Make sure you can prove that you spent more than 250 hours on your rentals. I myself have three rentals and there's no way on this green earth that I can prove I spent 250 hours directly involved in rental management. I"m lucky if I actually spend more than 15 hours a year across all three of my rentals. Also take note of what does not count for this.

-Your bookkeeping time *does* *not* *count*. All hours must be spend "ON THE RENTAL" and if audited on this, you have to be able to prove it.

LLLnewAuthor

Thanks a lot Carl! We have 7 rental properties, and we did spend 250 hrs across the 7 properties. How do I group these rentals together in Turbo Tax?

In my previous post, I see that one rental is not listed on the QBI summary page (it only listed 6). But now, I noticed that Turbo Tax actually group two of my rentals into one QBI component wks, but I do not know why TT group 2 of properties, and did not group any of the other 5.

veylupek

After you enter your expenses for the rental property, TT asks you if this is QBI income. Then it asks "Do you want to provide more info about (your rental) in case it's needed later?". Click Yes. A few screens in, it asks "Should (your rental) be treated as a combined business?". Click "this business is part of the following activity" to group it with your other rentals.

Hope this helps!