Search Help

Enter one of more keywords to search. Use quotes for “exact phrase.” Note that '*' and '?' wildcards are supported.

When your search results appear, you can refine your search further: Sort for only results in which all search terms appear AND/OR sort by chronological order.

Article Date:
January 2007

Word Count:



Is Failure a Hobby?

I started an antique business in February 2006 (last year). At startup, I rented space from an antiques dealer and stocked my space with what you might call stuff from Goodwill-type outlets. Last October I shut this business down. Things did not work. Can I deduct the loss from this failed business on my 2006 tax return? Can the IRS come back and say that this was just a hobby and not a serious business? (S.M., ... Log in to view full article.

Already a subscriber?
Email Address

You’ll be able to read the full article and get instant access to the last few issues of the Tax Reduction Letter
Not yet a subscriber?
with a money-back guarantee

Powered by Cranium Softworks - CMS, Subscription Mgmt & Web Development