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Submitted By: someone
Answered: September 1, 2022 3:56 am
Answered: September 1, 2022 3:56 am
Can a minister qualify for the QBI deduction?
A minister may be eligible for the qualified business income (QBI) deduction if he or she performs weddings, funerals, or other activities the income from which is reported on Schedule C. Wages received from an employer do not qualify for the QBI deduction.
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Tax Glossary
Appreciation in value
Increase in value of property due to market conditions. When you sell appreciated property, you pay tax on the appreciation since the date of purchase. When you donate appreciated property held long term, you may generally deduct the appreciated value.
