Question

Should I file as a QBI for my farm rental?

Forum|Forum|7 years ago
June 1, 2019
1 reply
0 views

Having read thru TT's information about QBIs, I'm not sure if I qualify or even should file as a QBI? I'm retired and living on a farm that I rent out for a 1/3 of the crop as payment. I continuously take care of and improve the property, but by definition, I don't 'Material Participate'. This is the only Business Income I receive/claim on my taxes.

My Farm Rental Income and Expenses are filed on a form 4835.

Rental Income fluctuates between profit and loss, but always averages out as a long term profit.

All my other income comes from retirement pay and income from investments.

TurboTax Deluxe Online

J

JulieCo

Employee

Below is some guidance related to rental income. Typically, rental income is viewed as a passive income activity and, therefore, it would not qualify as qualified business income, but there are some exceptions. See more information below:

https://ttlc.intuit.com/replies/7122193