tomnorthrop
Level 1
‎01-11-2019 06:49 PM
 
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itonewbie
Level 15
‎01-11-2019 06:49 PM

Not necessarily.  One of the conditions for QBI is that it not only needs to be a trade or business but that items to be considered must be effectively connected to a trade or business within the US within the meaning of §864(c) but Lacerte will not be able to tell unless you indicate so.

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Still an AllStar

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itonewbie
Level 15
‎01-11-2019 06:49 PM

BTW, QBI is a deduction, not a credit.

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Still an AllStar
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abctax55
Level 15
‎01-11-2019 06:49 PM
:+1: .
"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"
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George4Tacks
Level 15
‎01-11-2019 06:49 PM

You are only working with the "draft" version. I would wait until at least the 3rd release before we really start to yell about inadequacies. Lacerte should also be able to compute the basis of those assets for that business, and the wages. We can then adjust if necessary. 


Here's wishing you many Happy Returns
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itonewbie
Level 15
‎12-06-2019 06:18 PM
BTW, QBI is a deduction, not a credit.
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Still an AllStar
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abctax55
Level 15
‎12-06-2019 06:18 PM
:+1: .:+1:
"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"
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