Hi George,
Thank you for kind reply. Your detailed explanation is most helpful. I have a question regarding to the QBI loss carry over, suppose you has a capital gain amount 30k on Schedule D in 2021, your expense on schedule C is 5k, assume no other income, your AGI in 1040 is 25k, so you have positive income in 1040, you mean in this case, you can carry -5k QBI to next year?
Back to my original question, use the above example, form 1040 shows positive income 25k, because
TTS trading is a “specified service trade or business” (SSTB) , and SSTB allow QBI deduction, so TTS trading even without 475f selection still qualify for QBI deduction, correct?
Thanks a lot,
Lucy
