- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Am I in a qualified business or trade and able to take a QBI deduction?
Part of the definition of a qualified trade or business is " the activity must be carried on with regularity and continuity".
I came out of retirement for a temporary management position, contracted for July 2019 - Jan 2020. I received my 2019 1099-MISC reporting the non-employee compensation. Given that the definition of a qualified trade or business includes the phrase "with regularity and continuity", and I have no plans to actively pursue another contract (but neither will I rule it out), is my 2019 self-employment a qualified business making me eligible for the QBI deduction?
January 30, 2020
9:46 AM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
From you posted you qualify for the QBI.
January 30, 2020
10:11 AM
508 Views
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
Yes, your activity lasted long enough to be considered QBI.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
January 30, 2020
10:51 AM
503 Views