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Aggregation of multiple Sch E rental properties for 199A

Vicki
Level 1

My client has 12 residential rental houses on Schedule E.  How do I show that we are aggregating these into one trade or business?

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6 Comments 6
Kathi_at_Intuit
Employee
Employee

In ProSeries, link each Schedule E worksheet to the appropriate QBI worksheet. In the Schedule E worksheet scroll all the way to the bottom of the page to box K, double click and link it to the right one.

saeeddan
Level 1

When I double click on K, It opens another window. It ask me to "Create new copy, Enter something". What do I need to do?

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Marc-TaxMan
Level 8

Link the E worksheet to the same QBI worksheet which you will call Aggregated Real Estate

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msheck88
Level 2

I have not been able to find the Election statement in PTO as it is not under elections - please advise as the instructions I saw stated that I should go to 'Elections' to get statement for the 199A statement and I do not see it.

I know it needs to be attached after the client signature - but location an issue!

 

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msheck88
Level 2

On ITO?

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IntuitAustin
Intuit Alumni

In PTO you generate the election statement by going to the Qualified Business Income Deduction Section and entering an Aggregate Business number. Please note, if you enter the same number on multiple properties, they will print on the same statement. 

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