Tax Practice Pro Inc

Hi John. LOVED your seminar in NYC last night. One question about the QBI deduction. I have seen from other sources that the deduction is the lesser of 50% wages, 25% wages plus 2.5% assets, or 20% QBI, but you said yesterday 20% taxable income minus LTCG. Could you please confirm that you are right?

Tax Practice Pro Inc responded on 01/17/2018

It's also the lower of 20% of taxable income.

If you look through the other slides we did not cover, QBI is adjusted by a number if things: LTCG, gains and losses on asset sales... Guy

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