- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Business & farm
Yes, income earned from March qualifies for the Qualified Business Income Deduction. Income from January and February will not.
IRC Sec 862 defines gross income from sources outside the U.S. as compensation for labor or personal services performed without the United States so your concert income would not qualify for QBI.
The IRS sources royalty income to the jurisdiction of the underlying intangibles being used by the licensee so if your place of business in January and February was located outside the U.S., then your revenue and expenses would be considered foreign income.
**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 21, 2021
9:57 AM