Solved
When I enter my rental income my due taxes reduce. When I enter my rental expenses my taxes go up. I expect it to be the other way around. Can someone explain?
No text available
In general, you would expect a larger deduction (expenses) to lower your tax liability and higher income to increase your tax liability. However, there are certain circumstances where that might not be the case.
For example, if your rental property has an overall gain and you are claiming the Qualified Business Income (QBI) deduction, then entering additional expenses for your rental property is reducing your overall gain and also reducing your QBI deduction. Therefore, your balance due is higher because the QBI deduction is lower.
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.
©1997-2022 Intuit, Inc. All rights reserved.
Intuit,
QuickBooks, QB, TurboTax, ProConnect, and Mint are registered
trademarks
of Intuit Inc. Terms and conditions, features, support, pricing,
and service options
subject to change without notice.
Security
Certification of the TurboTax Online application has been
performed by
C-Level Security.
By accessing and using this page you
agree to the
Terms of Use.
Accessibility
