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I do not own a business but because i sell items through ebay, I have received 1099-k. I was viewed as a business.I purchased business turbotax, Now Do I qualify for QBI?

I do not own a business but because i sell items through ebay, I have received 1099-k. I was viewed as a business.I purchased business turbotax, Now Do I qualify for QBI?

I figured as they viewed me as a business because i making money through ebay. I then figured i was self employed and purchased business turbotax so i can put down my expenses etc.  Last year turbotax specialist told me to get business version.  So this year I did.  

Am I considered self employed?

Do I qualify For QBI (qualified business income)?

HELP?

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Level 1

I do not own a business but because i sell items through ebay, I have received 1099-k. I was viewed as a business.I purchased business turbotax, Now Do I qualify for QBI?

Yes, you are considered self-employed. You will probably qualify for QBI depending on your income.

The deduction amount depends on the taxpayer's total taxable income, which includes wages, interest, capital gains (etc.) in addition to income generated by the business. Once the taxable income reaches or exceeds $157,500 ($315,000 if filing jointly), the type of business also comes into play.

Here is a great read about QBI:

https://ttlc.intuit.com/replies/7019998

View solution in original post

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Highlighted
Level 1

I do not own a business but because i sell items through ebay, I have received 1099-k. I was viewed as a business.I purchased business turbotax, Now Do I qualify for QBI?

Yes, you are considered self-employed. You will probably qualify for QBI depending on your income.

The deduction amount depends on the taxpayer's total taxable income, which includes wages, interest, capital gains (etc.) in addition to income generated by the business. Once the taxable income reaches or exceeds $157,500 ($315,000 if filing jointly), the type of business also comes into play.

Here is a great read about QBI:

https://ttlc.intuit.com/replies/7019998

View solution in original post