RECOMMENDED!!IRS audits activities not engaged in for profit Code Sec 183
IRS audits activities not engaged in for profit Code Sec 183Dr. Giles is a dentist who deducted losses for her horse
breeding activity for 15 years. In 14 of the 15 years, she sustained a loss for
tax reporting purposes. As a result of an audit, she took the IRS to task in
Tax Court in 2006. She lost her case because she did not satisfactorily
demonstrate the activity was a viable business.
What are some of the factors which can be used to convince
the IRS that a business has a profit motive and is not a hobby?
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