Wayne Brasch Posted July 13, 2009 Report Share Posted July 13, 2009 IRS is about to concentrate more audit time on hobby loss situations. Here is their newest Audit Guide on the subject. http://www.irs.gov/businesses/small/articl...=208400,00.html. Wayne Brasch Quote Link to comment Share on other sites More sharing options...
TAXBILLY Posted July 13, 2009 Report Share Posted July 13, 2009 Thanx for the info, Wayne. taxbilly Quote Link to comment Share on other sites More sharing options...
RoyDaleOne Posted July 13, 2009 Report Share Posted July 13, 2009 I think the IRS plans on using Section 183 against rental properties. In fact I know some agents have started to use Section 183 against rental properties. The real problem is highlighted by the grade of "C" the founder of FedEx received for the "business plan" for FedEx at Harvard. The plan had to be for a business that could be real to receive a higher grade said the professor. And, now the government is going to get in the grading of business plans. This area of the tax law is so subjective and not objective. Quote Link to comment Share on other sites More sharing options...
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