The QBI deduction applies to qualified income from sole proprietorships, partnerships, limited liability companies (LLCs) that are treated as sole proprietorships or as partnerships for tax purposes, and S corporations.
Real estate and insurance agents and brokers can qualify for the Section 199A qualified business income deduction, according to a new draft of IRS Publication 535. These taxpayers are not engaged in a specified service trade or business under Section 199A.
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What is the Qualified Business Income (QBI) deduct...
