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Qualified Business Income dialog
This window is available when editing an aggregate asset and selecting
QBI
. You can exclude the current asset from qualified business income deduction, and to enter your own value for the basis for income deduction.This window is only available when you mark
Use component assets instead of aggregate assets for business income deduction
in Setup, then Options.Exclude asset from qualified income deduction
The
Exclude asset from qualified income deduction
checkbox is only available for assets that qualify for the qualified business income deduction.Assets qualify if they meet one of the following criteria:
- It has been 10 years or less from the date it was placed in service, or
- It has been greater than 10 years the asset was placed in service but the asset is still within its recovery period, or the last full year of the recovery period.
The checkbox is only available for the following entities/activities:
- 1040 - Business, Bus COGS, Rental, Farm, Farm Rental
- 1120S - Business, COGS, Rental, Farm, Farm Rental
- 1065 - Business, COGS, Rental, Farm, Farm Rental
- 1041 - Business, Bus COGS, Rental, Farm, Sch K-1
- 990 - OP, OP COGS, Rental
Basis for business income deduction (force)
Use this to enter your own value for the Basis for business income deduction. The amount that you enter here will be used as the cost basis on the Qualified Property report, and it will also change the amount that the tax return uses if you are using UltraTax.
The
Exclude asset from qualified income deduction
and Basis for business income deduction
boxes on the asset’s other tab are disabled for aggregate assets if the option is marked on Setup, Options to use component asset instead of aggregate asset for business income deduction. These are available when you select QBI
when editing the component asset.