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Francisco, a single taxpayer, is self-employed and files Schedule C. He has taxable income of $68,000 from his business which qualifies as Qualified Business Income
Francisco, a single taxpayer, is self-employed and files Schedule C. He has taxable income of $68,000 from his business which qualifies as Qualified Business Income (QBI). He has no other income to be considered for income limitation calculation for the year. In 2020, he sold some office furniture used in his business for $3,000. The furniture was purchased in 2017 for a cost of $4,500 and $2,813 in allowable depreciation has been taken. What is his QBI for 2020?
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