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Am I considered a qualified business?

I am at the section where it asks "is this activity a qualified trade or business under section 199a?"

Per the IRS website I think The definition of a qualified business is " 

Your primary purpose for engaging in the activity is for income or profit.

You are involved in the activity with continuity and regularity."

I made $2000 last year from a few farmers markets and a few deliveries a month for a couple months.  

Would this be considered a qualified business? 

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1 Reply
MinhT1
Expert Alumni

Am I considered a qualified business?

As a self-employed person, your income qualifies as business income, and you should answer YES.

 

You are eligible to the Qualified Business Income (QBI) deduction of 20%.

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