johnb
Level 1
12-06-2019
07:16 PM
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Best Answer Click here
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abctax55
Level 15
12-06-2019
07:16 PM
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E?
K-1?
Income in the phase out range?
The program isn't fully functionally yet.
There's also a box to check to "force" rental income to be QBI; Lacerte's official position is the rental income doesn't qualify.
Search for the many threads on the issue...
HumanKind... Be Both
George4Tacks
Level 15
12-06-2019
07:16 PM
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Here is the magic bullet. It is in the General Information section up towards the top of Screen 18 for Individual
General
Information Screen 18; Code
969
Make an entry to override the automatic determination if this activity is a trade or business under the definition of IRC Section 162. This will determine the automatic adjustment of the income/loss on Form 461
By default, a Schedule E is considered to not be a trade or business. An activity will be considered to be a trade or business if there is an entry indicating that the taxpayer is a real estate professional.
Answers are easy. Questions are hard!
