I have a supermarket partnership K-1 which basically has the following 4 items:
Ordinary business income (loss): -1500
Net rental estate income (loss): +6500 (not listed on QBI pass-through entity reporting but on K-1)
Partner's share of W-2 wages: 90,000
UBIA of qualified property: 100,000
The taxpayer is a passive investor and receives no wages, the wages reported might be his "share".
My questions are:
(a) Is there a qualified business income deduction at all?
(b) is there anything carried over to next year?
(c) if Ordinary business income is positive, will there be a qualified business income deduction even if the wages were not paid to him?
Thanks!