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March 1, 2020
Question

Rental Income & Qualified Business Income

  • March 1, 2020
  • 1 reply
  • 0 views

My wife received a one-time rental payment in exchange for oil/gas rights on a property she jointly owns with family members.  TurboTax is now asking if this is a qualified business income.  I don't think so, but I would appreciate input from qualified individuals.  Thanks!

1 reply

ColeenD3
March 1, 2020

Probably not. For it to be eligible there would have to be services provided for it to qualfiy as a business.