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QBI qualification

monicac
Level 4

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

How about someone who rents out their commercial property?

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Terry53029
Level 14
Level 14

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%20....

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2 Comments 2
abctax55
Level 15

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

Which is determined by the facts & circumstances.

"Tax software is no substitute for a professional tax preparer"
Terry53029
Level 14
Level 14

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%20....