Hobby businesses have to make a profit 2 out of 5 years. If they don't do that they
can not be used
to write off other income. However, you can still deduct expenses against income of
the hobby
business.
--graywolf
Kevin Thornsberry wrote:
>
> Not for very many years. If you want to deduct business expenses you have to turn a
>profit otherwise the IRS calls it a hobby.
>
> Note: I'm not an accountant and could be wrong but think I'm right. So there!
>
> Kevin
> (who is mostly just wants the pontificating on the other threads to die down)
>
> -----Original Message-----
> From: Shel Belinkoff [SMTP:[EMAIL PROTECTED]]
> Sent: Saturday, September 15, 2001 10:06 AM
> To: [EMAIL PROTECTED]
> Subject: Re: That "professional" thing again
>
>
> Kevin Thornsberry wrote:
> >
> > I like the IRS approach. If you make
> > a profit you can call it a business.
> > Otherwise it is a hobby.
>
> That's not quite true. A business can lose money and still be a
> busines.
>
> --
> Shel Belinkoff
> mailto:[EMAIL PROTECTED]
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>
> [demime 0.98e removed an attachment of type application/ms-tnef]
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--
Tom Rittenhouse
Graywolf Photo
Charlotte, NC, USA
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