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Level 5
October 3, 2020
Solved

QBI qualification

  • October 3, 2020
  • 2 replies
  • 24 views

Can a sole proprietor that sells vitamins or promotional products qualify for QBI?

How about someone who rents out their commercial property?

This topic has been closed for replies.
Best answer by Terry53029

monicac, you should do some research on QBI if you are preparing taxes for clients that might qualify for the deduction. Here is a starting point:

https://www.irs.gov/newsroom/facts-about-the-qualified-business-income-deduction#:~:text=QBI%20is%20the%20net%20amount,sole%20proprietorships%2C%20and%20certain%20trusts.

2 replies

abctax55
Level 15
October 3, 2020

Yes, assuming both activities rise to the level of a trade or business.

Which is determined by the facts & circumstances.

HumanKind... Be Both
Intuit Community Champion
October 5, 2020

monicac, you should do some research on QBI if you are preparing taxes for clients that might qualify for the deduction. Here is a starting point:

https://www.irs.gov/newsroom/facts-about-the-qualified-business-income-deduction#:~:text=QBI%20is%20the%20net%20amount,sole%20proprietorships%2C%20and%20certain%20trusts.