Rental income QBI Enterprise #1

Forum|Forum|4 years ago
April 13, 2022
1 reply
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I am a real estate professional with a rental building I own called "Building XYZ". For rental and royalty, I marked that I spend 750 hours and 50% work related in real estate.

The system asks me if I am "eligible for QBI safe harbor. I marked, Yes, just for "Building XYZ" only. I mark the description as investment property - Residential type. I mark the business name "My actual name".

When I go to pdf version of the return, the system has marked form 8995 Qualified Business as "Enterprise #1" rather than "My actual name". This is not owned by an enterprise, just a single member sole prop (myself). I realize I can go into the forms section and change the name from the form called "QBI component" from "Enterprise #1" to "My actual name" which will then automatically update Form 8995 as well; however the system still generates a "Section 199A" Real Estate Enterprise statement called "Enterprise #1.

Is it correct to leave it like this even though the rental building is not an enterprise and should be reported under "My actual name"?

TurboTax Business Windows

AmyC

Employee

Yes, file with no worries. Did you enter enterprise 1 as the description or name of your building somewhere? It is all on your tax return so it washes out.

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