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Submitted By: someone
Answered: November 19, 2018 10:20 pm
Answered: November 19, 2018 10:20 pm
Where on Schedule C is the qualified business income deduction taken?
The qualified business income (QBI) deduction is not a business deduction; it does not appear on Schedule C or any other business tax return. Instead, it is a personal deduction on Form 1040 that is subtracted after reducing adjusted gross income by the standard deduction or itemized deductions.
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Tax Glossary
Passive activity loss rules
Rules that limit the deduction of losses from passive activities to income from other passive activities. Passive activities include investment rental operations or businesses in which you do not materially participate.
