Do 1099-MISC Fishing Boat Proceeds Qualify for QBI Deduction? Tax Tips Inside
Fishing boat proceeds on Form 1099-MISC may qualify for the Qualified Business Income (QBI) deduction. Self-employed individuals can deduct up to 20% of their QBI if their fishing activity meets Section 162 requirements. Accurate reporting is essential to ensure compliance with IRS rules. To be eligible for the QBI deduction, your fishing operations must be … Read more