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In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
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- How many years of losses cause a business to be considered a hobby?
How many years of losses cause a business to be considered a hobby?
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sophiaebanks001
Level 1
02-07-2024
03:17 PM
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How many years of losses cause a business to be considered a hobby?
2 Comments 2
BobKamman
Level 15
02-07-2024
03:33 PM
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You can have 30 years of losses and not be considered a hobby. To rebut the presumption, you only need 2 years of profit out of 5 (out of 7, for horses). Even then, though, IRS can challenge the claim.
