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I teach online for a foreign instituion and get paid in foreign currency. Can I take QBI deduction?
Hello,
I am a US citizen and I teach online classes in my US home office for a foreign institution as my side job. I get paid in their currency and I also need to pay foreign taxes. In my case, can I take QBI deduction for this self employment business since it is foreign source income? I called turbotax and the expert told me that I should be able to take the QBI deduction while claiming foreign tax credit. But I cannot find a definite answer myself from internet. Can someone help?
Thanks!
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‎October 10, 2022
4:44 PM