“The danger of the hobby loss rule”
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The story in a nut shell
It’s a fact.
An income-generating, but tax-law-defined hobby, can create huge taxes for you without allowing you to expense deductions against the income—an unfair result to be sure.
Be aware!
The hobby loss rule can have significant negative tax implications for individuals, partners, and S corporations that engage in activities that produce a tax loss. Don’t let this happen to you.
Please note this important fact.
The ugly hobby loss rule applies to all taxpayers. Mary Kay consultants have suffered. Amway distributors have suffered. Dog breeders have suffered. Horse farm owners have suffered.
No matter what your profession is, you can suffer the same ugly results as the Gregorys did. Stay on your guard!
Meet Carl and Leila Gregory
These brave folks fought back and here’s what it got them.
A trip to Tax Court. A trip to Appellate Court, and for their effort, a judgment of $267,000 against them.
Want to know more about how you can avoid the dreaded hobby loss rule, here’s your chance. All you have to do is…
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“The danger of the hobby loss rule”