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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?

kgcpa0899
Level 1
 
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sjrcpa
Level 15

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


ex-AllStar

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sjrcpa
Level 15

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


ex-AllStar

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kgcpa0899
Level 1
yes, it does.  The llc holds and manages various rental properties and real estate invesments
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abctax55
Level 15

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).

Former Chump..oops..AllStar...I used to be a people person, then people ruined it


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