Submitted By: someone
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

Basis

Generally, the amount paid for property. You need to know your basis to figure gain or loss on a sale.

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