Does Sch E rental income qualify as a Qualified Business Income for the 20% reduction?

[garman22 · Accepted solution]

You already asked this question earlier. Did you not read the responses or are you looking for someone to give you the answer based on your limited question?

[IRonMaN]

Looking for a better answer.  
This place is starting to suck at giving answers ever since Intuit cancelled the mind reading classes.  But I have to admit that the spoon carving class that they replaced it with is quite relaxing.  

[garman22]

I do need to re-up for those classes again. Im getting rusty. "spoon carving"!:joy:

[poolcleaner]

Acme must be running out of spoons to sell.

[garman22]

Lol....yeah!

[IRonMaN]

We went to visit the Vesterheim Museum in Decorah Iowa last summer.  It's "THE" museum to go to for all of your Norwegian-American history.  Anyway, they had a little video there about carving wooden spoons like our ancestors did.  My wife thought that was a good thing to learn and bought me a carving kit for Christmas.  So far I have started and completed zero spoons.  I'm hoping that Intuit will help me out with the mission.

[itonewbie]

First you carve the spoon, then you start using it to feed.  Now, Intuit is hoping the production could reach commercial scale soon with these classes they are giving.

[poolcleaner]

Is the carved spoon business going to qualify for the 20% reduction?

[itonewbie]

Can't say I enjoy it, so I wouldn't call that a hobby.  If it's not a hobby, it must be a business and should qualify for the 20% deduction.  Just logical. :joy:

[IRonMaN]

Can I take an extra 20% deduction for the loss?  Sounds like this is where that -1 technology in Lacerte comes in handy.

[itonewbie]

You're not understanding the use of -1.  -1 is 0.  That's as far as it goes.  Hate to disappoint you but -1 will not get you the 20% deduction for a loss.  :smiling_imp:

[garman22]

hahahaha!!! :laughing:

[poolcleaner]

Don't laugh at that poor coyote sitting up in the freezing woods of northern Minnesota eating his Spam and lutefisk while trying to carve wooden spoons to sell on Acme.

[garman22]

I can picture him up there freezing....eating and carving. Poor existence for a coyote.

[IRonMaN]

It beats chasing roadrunners in the desert.

[garman22]

Hmmm...im not so sure. I want to be warm.

[itonewbie]

That picture is sooo cartoonish.  Lol, at least you don't have the anvil over your head.

[IRonMaN]

After this many years, I don't even feel them anymore.