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K
kgcpa0899
Level 2
December 7, 2019
Solved

Client received a k-1 from a partnership that has rental income from various rental real estate activities - does he get the 20% QBI deduction?

  • December 7, 2019
  • 2 replies
  • 28 views
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Best answer by sjrcpa

Maybe. Does the K-1 have QBI info on it? That's Step 1.

2 replies

sjrcpa
sjrcpaAnswer
Level 15
December 7, 2019

Maybe. Does the K-1 have QBI info on it? That's Step 1.

The more I know the more I don’t know.
K
kgcpa0899Author
Level 2
December 7, 2019
yes, it does.  The llc holds and manages various rental properties and real estate invesments
abctax55
abctax55
Level 15
December 7, 2019

Determination of whether the rental activity rises to the level of TorB is done at the entity level.

If the K-1 has the info entered, then it was determined to qualify (assuming a competent preparer did the F 1065).

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