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sophiaebanks001
Level 1
February 7, 2024
Question

How many years of losses cause a business to be considered a hobby?

  • February 7, 2024
  • 2 replies
  • 13 views

How many years of losses cause a business to be considered a hobby?

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    2 replies

    BobKamman
    BobKamman
    Level 15
    February 7, 2024

    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.  

      IRonMaN
      IRonMaN
      Level 15
      February 7, 2024

      Since you are asking the question, are you really dealing with a hobby instead of someone with a profit incentive but just can't get there?

      Slava Ukraini!
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