BHoffman Posted April 3, 2019 Report Posted April 3, 2019 SCorp client sold equipment that had previous section 179. Big 1245 gain. I can apply this gain to QBI for the deduction, right? All other issues allow the deduction (wages, income, etc) 1 Quote
NECPA in NEBRASKA Posted April 3, 2019 Report Posted April 3, 2019 It should, because it is ordinary income and that qualifies. 3 Quote
DANRVAN Posted April 4, 2019 Report Posted April 4, 2019 1245 gains are QBI but not capital gains since they already receive tax preference. 2 Quote
BHoffman Posted April 4, 2019 Author Report Posted April 4, 2019 Boy, I'm sure glad I caught that one. This guy had whopper 1245 gains! Thanks so much for the reassurance. Quote
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.