Investors & landlords

There are actually two questions that must be answered, so that TurboTax is clear on your decision about your rental property.  First the one about safe harbor and a second question about whether this property qualifies for the qualified business income deduction (QBID).

1. Open your TurboTax return > Search (upper right) > Type rentals > Press enter > Click the Jump to... link
2. When you complete the rental property and you are at the summary screen, click 'Done With Rental Property'
3. Answer the questions on the 'Any Other Situations' screen > Continue > Continue
4. Select 'None of these apply' on the screen 'Do you want to use a safe harbor to qualify this property for a deduction?'
5. Select 'No, this income is not qualified, on the screen 'Is this Qualified Business Income?'

Once these steps are completed TurboTax will not allow QBID for this property.

For TurboTax Online the following steps can be used:

1. Open your TurboTax return > Search (upper right) type rentals > Press enter > Click the Jump to ... link
2. Edit next to your rental activity > Scroll to Qualified Business Income > Edit/Update >
3. Select 'None of the above' on the Real Estate Professional page
4. Continue to the page Do you want to use a safe harbor to qualify this property for a deduction?
5. Select 'None of these apply' > Continue
6. Select 'No', on the page  Is this Qualified Business Income?

• How to amend (change or correct) a return already filed (and accepted at the IRS)
  • Review the information here to be sure you need to amend your return.
• Steps to amend my 2020 return